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Get to Know the Mortgage Process in Wausau, WI

Whether you're buying your first home in Wausau or your seventh on the other side of Wisconsin, 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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Wausau, WI Mortgage and Home Loan Process

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

Our team can even help you out as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading 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. On the MLS site, you can compare Wausau 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 too deep into the weeds. You're here to learn more about moving in Wisconsin and the overall mortgage process. Why might a person need a home loan in the first place? 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. These facts apply to the home loan preparation process everywhere, not just in Wausau, WI.

Houses in Wausau 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've found your dream home. We get it! Here is a summary of the essential steps when applying for a mortgage in Wausau

Start by thinking about how long you'll be in your new home. Do you plan on living in it for a few years and then renting it out? Or is this where you'll be raising your family? 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 Wausau. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

After, follow your Wausau lender's loan application process. Every lender has a somewhat different process. Still, in general, you'll need to provide the following information: Social Security numbers, pay stubs, 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.

Your lender will then give you a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, 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 Wausau and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. 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 your lender! The more questions you ask 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 Wausau, WI

The ball is in your court at this point! Review your mortgage offers and choose the option that's right 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 benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in Wausau or elsewhere. The Disclosure is more formal documentation of your first 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 Wausau, WI

Once your home loan is approved by the lender, it's time to close on your dream house in Wausau! At this stage of the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you may also be required to work with a closing attorney in Wausau who will schedule a 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*.

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 Wausau, and it's time to roll out the welcome mat. Your Wausau house is now your home! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Wausau mortgage process an easy one.

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