The Right Way to Start Your Laurel, VA Mortgage Process
Owning a home — it's a dream that unites us from coast to coast! And it's a process that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Laurel, VA. Our mortgage professionals can help you work through your unique situation and recommend the best options for you at every turn.
Our mortgage professionals can even lend a helping hand as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected real estate agents who can assist with the buying and selling process. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. It's the site to visit if you need to find a Laurel home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. But the savings don't stop there. Purchase a house with a Mr. Cooper mortgage and we'll pay for your actual move (up to 50 miles).
Before we get too far down the rabbit hole… You're interested in the home loan process in Virginia. Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. Plus, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. Considering these facts is part of the home loan preparation process in Laurel and beyond.
The Laurel home market is a competitive one, and you probably want to move fast — especially if you've found your dream home. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Laurel
First, ask yourself: How long do you plan on living in this house? Are you just passing through Laurel on your way to your forever home? Or will you be planting some deep roots in Laurel? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Laurel. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
Then, follow your Laurel lender's loan application process. Every lender has a somewhat different process. Still, in general, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, banking details, and the amount of money you're looking to borrow.
From there, your lender will provide you with a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Laurel. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.
Work with Mr. Cooper when going through the mortgage process in Laurel and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Just ask! It's normal to have questions about the home loan process. The FTC advises that you should also ask each lender about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.
Seal the Deal with a Home Mortgage in Laurel, VA
The choice is up to you! Compare your mortgage offers and choose the offer that's good for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you evaluate the drawbacks and advantages of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in Laurel or elsewhere. Consider it a more formal version of your previous estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.
Close on a Home in Laurel, VA
Once your home loan is approved, it's time to close on the home you want in Laurel! During this step of the mortgage process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on your state, you could be required to work with a Laurel closing attorney. They'll book time with you to sign your loan documents. Even if paperwork takes longer than expected, you don't have to stress over your closing date being delayed. We guarantee we’ll close your loan on time, or your first month’s mortgage payment (principal + interest) is on us*.
You're in the home stretch once you've signed the documents! You've completed the mortgage process in Laurel, and it's time to get your keys. You are a homeowner in Laurel! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Laurel super straightforward.