Merrifield, VA: A Home Loan Process That's Unique to You
Buying a house — it's a dream that unifies all kinds of people! And it's an endeavor that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Merrifield, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation to identify the right options for your needs.
Our team can even help you out as you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected real estate agents who can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Merrifield homes, check your home’s value, and set up Home Alerts to find your dream home. 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).
But we're getting ahead of ourselves. 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. In addition, 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 Merrifield and beyond.
The Merrifield home market is a competitive one, and you'll want to take action quickly — particularly if you found a house you can't live without. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Merrifield
Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or will you be planting some deep roots in Merrifield? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Merrifield mortgage. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
Then, submit your Merrifield lender's home loan application. The process varies from lender to lender. Usually, though, you'll need to provide the following information: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, 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. A quick note: a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.
Work with Mr. Cooper when going through the mortgage process in Merrifield and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. Not every lender offers Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC recommends home buyers to ask about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.
Seal the Deal with a Home Mortgage in Merrifield, VA
The choice is up to you! Review your mortgage offers and select the offer that's good for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you evaluate the pros and cons of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Virginia. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
At Your Mortgage Closing in Merrifield, VA
Once your home loan is approved by the lender, it's time to close on the home you want in Merrifield! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you could be required to work with a Merrifield closing attorney. They'll book time with you to sign your loan documents. You never have to worry about your closing date flying by and leaving you in a pinch. We guarantee we’ll close your loan on time, or your first month’s mortgage payment (principal + interest) is on us*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've reached the end of the home loan process in Merrifield, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Merrifield. Does that all sound too easy? Call Mr. Cooper. We strive to make the Merrifield mortgage process an easy one.