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Get to Know the Home Loan Process in Plainfield, CT

Whether you're buying your first home in Plainfield 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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Plainfield, CT: A Home Loan Process That's Unique to You

Owning a home — it's a wish that unites us from coast to coast! And it's an endeavor that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Plainfield, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.

Our crew can even help out when you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who assist with home buying and selling.. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Plainfield, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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 ahead of ourselves. 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, 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 Plainfield and beyond.

The Plainfield real estate scene is a busy one, and you will likely want to act fast — particularly if you found a house you can't live without. We get it! Here are a few of the most important steps in the CT mortgage 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 plan on sticking around for a long time, you might consider a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Plainfield mortgage. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

After, submit your Plainfield lender's home loan application. Every lender has a somewhat different process. Generally, however, 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 information, and the amount you'd like to borrow.

Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that the loan estimate isn't your final Plainfield mortgage. It's an estimate, and you can request multiple estimates to find the best loan for you.

Partner with Mr. Cooper to complete the Plainfield mortgage process and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could buy. This letter carries weight with realtors and home sellers because it shows you are serious and can buy a home. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask questions during the home loan process! The FTC advises that you should also ask each lender 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 Plainfield, CT

You're in control now! Review your mortgage offers and select 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 pros and cons 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 Connecticut. Consider it a more formal version of your previous 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 Plainfield, CT

After your mortgage is approved, it's time to close on your dream house in Plainfield! At this stage of the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on where you live, you might have to bring in a Plainfield closing attorney to be there when you sign your loan docs. 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*.

You're in the home stretch once you've signed the documents! You've completed the mortgage process in Plainfield, and it's time to get your keys. You are a homeowner in Plainfield! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Plainfield mortgage process an easy one.

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