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Get to Know the Mortgage Process in Farmington, CT

Whether you're buying your first home in Farmington or your seventh on the other side of Connecticut, 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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Farmington, CT: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's a mission that unifies all kinds of people! And it's an endeavor that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Farmington, CT. Our trained mortgage professionals will work alongside you and recommend the best options for you at every turn.

Our crew can even help out when you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading 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. It's the site to visit if you need to find a Farmington 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).

Before we get too far down the rabbit hole… You're here to learn more about moving in Connecticut 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. Considering these facts is part of the home loan preparation process in Farmington and beyond.

The Farmington home market is a competitive one, and you will likely want to act fast — even more so if you're on a tight timeline. We've been there, too! Follow these important steps in the Connecticut home loan process.

Begin by considering how long you'll be at your new home. Are you just passing through Farmington on your way to your forever home? Or will you be planting some deep roots in Farmington? 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're planning on being in and out fast, then you might want to go the adjustable-rate route for your Farmington mortgage. 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, complete your CT lender's loan application process. The process varies from lender to lender. Still, in general, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, 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.

From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Farmington. 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 Farmington with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter shows home sellers and realtors you are a serious buyer. Not every lender offers Verified Approval letters as Mr. Cooper does.

Ask your lender! The more questions you ask The FTC urges home shoppers to inquire 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 Farmington, CT

You're in control now! Review your mortgage offers and choose 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 understand the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Connecticut. A Closing Disclosure is a more formal write-up of your initial estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

At Your Mortgage Closing in Farmington, CT

Once your home loan is approved, it's time to close on your dream house in Farmington! At this point in the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on where you live, you might have to bring in a Farmington closing attorney to be there when you sign your loan docs. Don't worry about missing your closing date, either. 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 Farmington, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Farmington. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Farmington a super easy one.

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