Laramie, WY Mortgage and Home Loan Process
Living in a house that's yours, all yours — it's a wish that unifies all kinds of people! And it's an endeavor 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 Laramie, WY. Our mortgage professionals can help you work through your unique situation to identify the best options for you at every turn.
Our mortgage professionals can even help you out as you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network 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 Laramie 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 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 the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. Considering these facts is part of the home loan preparation process in Laramie and beyond.
Houses in Laramie seem to move off the market just as fast as they come on, and you probably want to move fast — especially if you found a house you can't live without. We've been there, too! Follow these important steps in the Wyoming home loan process.
Begin by considering how long you'll be at 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. 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 Laramie. On adjustable-rate loans, the interest rate is fixed for a set amount of time. 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, follow your Laramie lender's loan application process. Every lender has a somewhat different process. Generally, however, you'll need to give the following info: income sources, pay stubs, Social Security numbers, the address of the house you'd like to buy, purchase contract, credit check authorization, the amount you want to borrow, and your banking info.
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. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Laramie. It's a bit of preview, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in Laramie with Mr. Cooper and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can borrow! This letter means a lot to home sellers and realtors because it shows you can buy a home. You're not just browsing! Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
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.
The Final Step for a Home Mortgage in Laramie, WY
The choice is up to you! Review your mortgage offers and choose the one that's best 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 benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Wyoming. 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.
At Your Mortgage Closing in Laramie, WY
Once your home loan is approved by the lender, it's go-time for buying your Laramie house! During this step of the mortgage process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your state, you could be required to work with a Laramie closing attorney. They'll book 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've reached the end of the home loan process in Laramie, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Laramie. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Laramie a super easy one.