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Get to Know the Mortgage Process in Norfolk, VA

Whether you're buying your first home in Norfolk or your seventh on the other side of Virginia, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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The Right Way to Start Your Norfolk, VA Mortgage Process

Owning a home — it's a goal that we all share! And it's an endeavor 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 Norfolk, VA. Our mortgage professionals can help you work through your unique situation to identify the best options for you at every turn.

From immersing yourself in the culture of Norfolk's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Virginia. can even help out when you begin your hunt for a new house. 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. Here, you can search for a home in Norfolk, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

But we're getting too deep into the weeds. You're interested in the home loan process in Virginia. Why might a person need a home loan in the first place? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. 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 Norfolk and beyond.

The Norfolk real estate scene is a busy one, and you will likely want to act fast — particularly if you've found your dream home. We understand! Here are a few of the most important steps in the VA mortgage loan process.

First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? Or will you be planting some deep roots in Norfolk? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Norfolk mortgage. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Then, follow your Norfolk lender's loan application process. Every lender has a somewhat different process. Generally, however, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, 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. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Norfolk. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.

Go through the mortgage process in Norfolk with Mr. Cooper 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. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask your lender! The more questions you ask The FTC recommends home buyers to ask about any special programs, additional fees, the loan's annual percentage rate (APR), and whether the quoted rate is the lowest for that week or day.

The Final Step for a Home Mortgage in Norfolk, VA

The choice is up to you! Analyze your mortgage offers and pick the offer that's good for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you understand the pros and cons of each. After you notify the lender about your choice, they may approve your loan and send you 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. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

At Your Mortgage Closing in Norfolk, VA

Once your home loan is approved, it's time to close on your dream house in Norfolk! At this stage of the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your state, you could be required to work with a Norfolk closing attorney. They'll book time with you to sign your loan documents. Don't worry about missing your closing date, either. 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 completed the mortgage process in Norfolk, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in Norfolk. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Norfolk a super easy one.

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