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Process for Getting a Mortgage in Wauwatosa , WI

Are you a first-time Wisconsin homebuyer? Or, maybe you're new to Wauwatosa 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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Wauwatosa, WI: A Home Loan Process That's Unique to You

Being a homeowner — it's a dream that unites us from coast to coast! And it's an endeavor that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Wauwatosa, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation to identify the right options for your needs.

From your initial Wauwatosa loan search to prequalification to closing, we're here to help you make your move in Wisconsin! can even lend a helping hand as you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization 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. On the MLS site, you can compare Wauwatosa homes, check your home’s value, and set up Home Alerts to find 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 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 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. This information applies whether you're going through the home loan preparation process in Wauwatosa or anywhere else.   How to Apply for a Home Loan in Wauwatosa, WI   Steps to Complete the Mortgage Process in Wauwatosa, WI How to Apply for a Mortgage in Wauwatosa, WI

Houses in Wauwatosa seem to move off the market just as fast as they come on, and you will likely want to act fast — particularly if you've found your dream home. We understand! Follow these important steps in the Wisconsin home loan process.

Begin by considering how long you'll be at your new home. Are you just passing through Wauwatosa on your way to your forever home? Or will you be planting some deep roots in Wauwatosa? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate doesn't change with 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 Wauwatosa mortgage. 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. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Next, complete your WI lender's loan application process. The process can vary a bit between lenders. 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. Keep in mind that the loan estimate isn't your final Wauwatosa mortgage. It's an estimate, 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 Wauwatosa 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. 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 the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.

Make Your Move with a Home Loan in Wauwatosa, WI

You're in control now! Analyze your mortgage offers and choose the one that's best for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can even help you weigh the drawbacks and advantages 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 Wauwatosa or elsewhere. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Close on a Home in Wauwatosa, WI

Once your home loan is approved by the lender, it's go-time for buying your Wauwatosa house! At this point in the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you could be required to work with a Wauwatosa closing attorney. They'll book 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've arrived. You finished the home loan process in Wauwatosa, and it's time to celebrate. You are a homeowner in Wauwatosa! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Wauwatosa mortgage process an easy one.

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