Wilmington, DE Mortgage and Home Loan Process
Living in a house that's yours, all yours — it's a hope 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 Wilmington, DE. Our mortgage professionals can help you work through your unique situation to identify the best options for you at every turn.
Our mortgage professionals can even lend a helping hand as you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading 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. On the MLS site, you can compare Wilmington 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 too deep into the weeds. You're interested in the home loan process in Delaware. 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. 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 Wilmington, DE.
The Wilmington real estate scene is a busy one, and you'll want to take action quickly — particularly if you're on a tight timeline. We know what that's like! Follow these important steps in the Delaware home loan process.
First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? Or will you be planting some deep roots in Wilmington? 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 Wilmington mortgage. Adjustable-rate loans have a fixed rate for some time. After that date, 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, follow your Wilmington lender's loan application process. Every lender has a somewhat different process. Still, in general, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, the amount you want to borrow, and your banking info.
From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Wilmington. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.
Work with Mr. Cooper when going through the mortgage process in Wilmington 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 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 recommends home buyers to ask 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 Wilmington, DE
You're in control now! Analyze your mortgage offers and select 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 even help you weigh the pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Delaware. Consider it a more formal version of your previous 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 Wilmington, DE
After your mortgage is approved, it's time to close on your dream house in Wilmington! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on where you live, you may also be required to work with a closing attorney in Wilmington who will schedule a time with you to sign your loan documents. 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 arrived. You finished the home loan process in Wilmington, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Wilmington. Does that all sound too easy? Call Mr. Cooper. We strive to make the Wilmington mortgage process an easy one.