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Get to Know the Mortgage Process in Lewes, DE

Is there any way to make the Lewes mortgage process easier? You bet! Partner with Mr. Cooper and learn more about the steps to getting a home loan in Lewes, DE.

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Lewes, DE Mortgage and Home Loan Process

Being a homeowner — it's a dream that unifies all kinds of people! And it's a process that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Lewes, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the best loan options and terms for your circumstances.

From immersing yourself in the culture of Lewes's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Delaware. can even help you out as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected real estate agents who can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Lewes homes, check your home’s value, and set up Home Alerts to find your dream home. 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 interested in the home loan process in Delaware. 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. What's more, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. Considering these facts is part of the home loan preparation process in Lewes and beyond.

Houses in Lewes seem to move off the market just as fast as they come on, and you'll want to take action quickly — even more so if you found a house you can't live without. We've been there, too! Follow these important steps in the Delaware 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'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 Lewes mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. 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.

After, submit your Lewes lender's home loan application. The process varies from lender to lender. Generally, however, you'll have to provide the following details: Social Security numbers, pay stubs, 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. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Lewes. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.

Go through the mortgage process in Lewes with Mr. Cooper 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 carries weight with realtors and home sellers because it shows you are serious and can afford a home. Not every lender offers Verified Approval letters as Mr. Cooper does.

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.

Seal the Deal with a Home Mortgage in Lewes, DE

The choice is up to you! Compare your mortgage offers and choose the option that's right 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 benefits and drawbacks 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 Lewes or elsewhere. The Disclosure is more formal documentation of your first estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

Closing on a House in Lewes, DE

Once your home loan is approved, it's time to close on your dream house in Lewes! During this step of the mortgage 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 Lewes 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*.

You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Lewes, and it's time to celebrate. Your Lewes house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Lewes super straightforward.

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