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Get to Know the Mortgage Process in Marshfield, WI

Are you a first-time Wisconsin homebuyer? Or, maybe you're new to Marshfield and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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The Right Way to Start Your Marshfield, WI Mortgage Process

Owning a home — it's a hope that we all share! And it's something that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Marshfield, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you to identify the best loan options and terms for your circumstances.

Our team can even lend a helping hand as you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected real estate agents who know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Marshfield 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).

But we're getting ahead of ourselves. You want more information about moving to Wisconsin and going through the mortgage process in Marshfield! Why do people need home loans to begin with? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in Marshfield, WI.

The Marshfield real estate scene is a busy one, and you probably want to move fast — particularly if you've found your dream home. We understand! Here is a summary of the essential steps when applying for a mortgage in Marshfield

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 planting some deep roots in Marshfield? If you're going to be in the house for years and years, look into a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Marshfield. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. When that period is over, the rate can go up or down at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Then, submit your Marshfield lender's home loan application. The process varies from lender to lender. Still, in general, you'll need to give the following info: pay stubs, Social Security numbers, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking to borrow.

Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.

Partner with Mr. Cooper to complete the Marshfield mortgage process 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 means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Not all lenders offer Verified Approval letters as Mr. Cooper does.

Ask questions during 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.

Seal the Deal with a Home Mortgage in Marshfield, WI

The ball is in your court at this point! Compare 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. Following your selection, your lender may approve your loan and send over a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Wisconsin. 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.

Closing on a House in Marshfield, WI

After your mortgage is approved, it's time to close on your dream house in Marshfield! At this point in the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you might have to bring in a Marshfield 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've completed the mortgage process in Marshfield, and it's time to celebrate. You are a homeowner in Marshfield! Does that all sound too easy? Call Mr. Cooper. We strive to make the Marshfield mortgage process an easy one.

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