Westport, CT Mortgage and Home Loan Process
Living in a house that's yours, all yours — it's a dream that unites us from coast to coast! 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 Westport, CT. Our mortgage professionals will get to know your particular situation to identify the best options for you at every turn.
Our team can even help out when you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed 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. Here, you can search for a home in Westport, 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).
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 do people need home loans to begin with? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. In addition, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. These facts apply to the home loan preparation process everywhere, not just in Westport, CT.
Houses in Westport seem to move off the market just as fast as they come on, and you will likely want to act fast — even more so if you're on a tight timeline. We know what that's like! Follow these important steps in the Connecticut home loan process.
First, ask yourself: How long do you plan on living in this house? 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. 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 Westport mortgage. 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. Let your mortgage professional help you select the best loan program for your needs during prequalification.
After, complete your CT lender's loan application process. Every lender has a somewhat different process. Generally, however, 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! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: the loan estimate isn't your final Westport 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 Westport mortgage process and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! This letter means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Not every lender offers Verified Approval letters as Mr. Cooper does.
Just ask! It's normal to have questions about the home loan process. The FTC recommends home buyers to ask 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.
Seal the Deal with a Home Mortgage in Westport, CT
You're in control now! Analyze your mortgage offers and choose 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 understand the pros and cons 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. 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 Westport, CT
After your mortgage is approved, it's time to close on your dream house in Westport! 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 location, you could be required to work with a Westport closing attorney. They'll book 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*.
You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in Westport, and it's time to get your keys. You are a homeowner in Westport! Does that all sound too easy? Call Mr. Cooper. We strive to make the Westport mortgage process an easy one.