Waterford, CT Mortgage and Home Loan Process
Buying a house — it's a mission that unites us from coast to coast! 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 Waterford, CT. Our trained mortgage professionals will work alongside you to identify the right options for your needs.
Our crew can even help out when you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected real estate agents who know home sales inside and out. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. Here, you can search for a home in Waterford, 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).
But we're getting ahead of ourselves. You're interested in the home loan process in Connecticut. 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 some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in Waterford, CT.
Houses in Waterford seem to move off the market just as fast as they come on, and you will likely want to act fast — especially if you're on a tight timeline. We know what that's like! Here are a few of the most important steps in the CT mortgage loan process.
Start by thinking about how long you'll be in your new home. Are you just passing through Waterford on your way to your forever home? Or will you be planting some deep roots in Waterford? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Waterford. On adjustable-rate loans, the interest rate is fixed for a set amount of time. 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.
Next, submit your Waterford 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, 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 the loan estimate isn't your final Waterford mortgage. It's a bit of preview, and you can request multiple estimates to find the best loan for you.
Work with Mr. Cooper when going through the mortgage process in Waterford 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 all lenders offer Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC recommends home buyers to ask 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.
The Final Step for a Home Mortgage in Waterford, CT
You're in control now! Compare your mortgage offers and select the offer that's good 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 drawbacks and advantages of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Connecticut. 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.
Closing on a House in Waterford, CT
Once your home loan is approved by the lender, it's time to close on the home you want in Waterford! At this stage of the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your state, you may also be required to work with a closing attorney in Waterford 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've arrived. You finished the home loan process in Waterford, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Waterford. And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Waterford a super easy one.