Purcellville, VA: A Home Loan Process That's Unique to You
Being a homeowner — it's a hope that unifies all kinds of people! 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 Purcellville, VA. Our trained mortgage professionals will work alongside you to identify the right options for your needs.
Our team can even lend a helping hand as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed real estate agents who assist with home buying and selling.. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. Here, you can search for a home in Purcellville, 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 ahead of ourselves. You're interested in the home loan process in Virginia. At a basic level, why do people get home loans? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. 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. This information applies whether you're going through the home loan preparation process in Purcellville or anywhere else. How to Apply for a Home Loan in Purcellville, VA Steps to Complete the Mortgage Process in Purcellville, VA How to Apply for a Mortgage in Purcellville, VA
Houses in Purcellville seem to move off the market just as fast as they come on, and you'll want to take action quickly — even more so if you're on a tight timeline. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Purcellville
Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate doesn't change with a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Purcellville. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that date, 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.
After, complete your VA lender's loan application process. Every lender has a somewhat different process. Generally, however, you'll need to give the following info: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.
Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that the loan estimate isn't your final Purcellville mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.
Partner with Mr. Cooper to complete the Purcellville mortgage process and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! This letter carries weight with realtors and home sellers because it shows you are serious and can afford a home. 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 urges home shoppers to inquire 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.
Make Your Move with a Home Loan in Purcellville, VA
The ball is in your court at this point! Compare your mortgage offers and pick the option that's right 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 benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Virginia. A Closing Disclosure is a more formal write-up of your initial 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 Purcellville, VA
Once your home loan is approved, it's time to close on the home you want in Purcellville! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on where you live, you might have to bring in a Purcellville closing attorney to be there when you sign your loan docs. 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've arrived. You finished the home loan process in Purcellville, 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 Purcellville. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Purcellville a super easy one.