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Get to Know the Mortgage Process in Rocky Hill, CT

Are you a first-time Connecticut homebuyer? Or, maybe you're new to Rocky Hill 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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Rocky Hill, CT Mortgage and Home Loan Process

Living in a house that's yours, all yours — it's a goal that we all share! And it's a process that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Rocky Hill, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and recommend the best loan options and terms for your circumstances.

Our mortgage professionals can even help out when you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of well-known, licensed real estate agents who know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Rocky Hill 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 ahead of ourselves. You want more information about moving to Connecticut and going through the mortgage process in Rocky Hill! Why do people need home loans to begin with? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. 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 Rocky Hill and beyond.

The Rocky Hill home market is a competitive one, and you will likely want to act fast — even more so if you've found your dream home. 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. 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 Rocky Hill mortgage. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

Next, submit your Rocky Hill lender's home loan application. The process varies from lender to lender. Usually, though, you'll need to provide the following information: pay stubs, Social Security numbers, 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. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Rocky Hill. It's an estimate, and you can request multiple estimates to find the best loan for you.

Partner with Mr. Cooper to complete the Rocky Hill mortgage process 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 shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.

Just ask! It's normal to have questions about the home loan process. The FTC advises that you should also ask each lender about any special programs, additional fees, the loan's annual percentage rate (APR), and whether the quoted rate is the lowest for that week or day.

Make Your Move with a Home Loan in Rocky Hill, CT

You're in control now! Review your mortgage offers and select 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 drawbacks and advantages of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. It's a standard part of the home loan process, whether you live in Rocky Hill or elsewhere. The Disclosure is more formal documentation of your first estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

At Your Mortgage Closing in Rocky Hill, CT

After your mortgage is approved, it's time to close on the home you want in Rocky Hill! At this stage of the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you may also be required to work with a closing attorney in Rocky Hill who will schedule a time with you to sign your loan documents. 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've reached the end of the home loan process in Rocky Hill, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in Rocky Hill. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Rocky Hill a super easy one.

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