The Right Way to Start Your Cheyenne, WY Mortgage Process
Living in a house that's yours, all yours — it's a goal that unifies all kinds of people! And it's a process that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Cheyenne, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.
We're here to help make your Wyoming move an easy one, starting with the first time you search for a Cheyenne home loan. can even lend a helping hand as you kick off the search for a home. 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'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 Cheyenne, 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).
Before we get too far down the rabbit hole… You're here to learn more about moving in Wyoming and the overall mortgage process. At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. 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 Cheyenne, WY.
The Cheyenne home market is a competitive one, and you'll want to take action quickly — even more so if you're on a tight timeline. We've been there, too! Follow these important steps in the Wyoming home loan process.
First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? 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 doesn't change with a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Cheyenne. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, 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.
After, complete your WY lender's loan application process. The process varies from lender to lender. Usually, though, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, credit check authorization, the address of the home you'd like to buy, purchase contract, banking information, and the amount you'd like to borrow.
From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Cheyenne 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 means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Not every lender offers Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC urges home shoppers to inquire about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.
Seal the Deal with a Home Mortgage in Cheyenne, WY
The choice is up to you! Analyze 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 Wyoming. 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.
Closing on a House in Cheyenne, WY
Once your home loan is approved by the lender, it's time to close on your dream house in Cheyenne! 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 may also be required to work with a closing attorney in Cheyenne who will schedule a time with you to sign your loan documents. 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*.
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 Cheyenne, and it's time to celebrate. You are a homeowner in Cheyenne! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Cheyenne super straightforward.