Manitowoc, WI: A Home Loan Process That's Unique to You
Buying a house — it's a dream that we all share! And it's a process that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Manitowoc, WI. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.
Our crew can even help you out as you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading 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 Manitowoc home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. And guess what? If you choose to buy a house 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 Wisconsin. 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, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in Manitowoc, WI.
The Manitowoc home market is a competitive one, and you probably want to move fast — even more so if you're on a tight timeline. We get it! Follow these important steps in the Wisconsin home loan process.
First, ask yourself: How long do you plan on living in this house? Are you just passing through Manitowoc on your way to your forever home? Or will you be enjoying your golden years in this house? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Manitowoc. Adjustable-rate loans have a fixed rate for some time. When that period is over, the rate can go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
Next, follow your Manitowoc lender's loan application process. The process varies from lender to lender. Usually, though, you'll need to give the following info: Social Security numbers, pay stubs, income sources, 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. A quick note: a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.
Go through the mortgage process in Manitowoc with Mr. Cooper and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could afford. This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask your lender! The more questions you ask The FTC advises that you should also ask each lender 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 Manitowoc, WI
The choice is up to you! Review your mortgage offers and pick the option that's right for you. Examine the details in each one, from the loan term to the APR. 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. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Wisconsin. Consider it a more formal version of your previous estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Close on a Home in Manitowoc, WI
After your mortgage is approved, it's time to close on the home you want in Manitowoc! At this stage of the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on where you live, you might have to bring in a Manitowoc closing attorney to be there when you sign your loan docs. 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*.
You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Manitowoc, and it's time to get your keys. You are a homeowner in Manitowoc! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Manitowoc mortgage process an easy one.