Lewiston, ME Mortgage and Home Loan Process
Being a homeowner — it's a wish that unites us from coast to coast! And it's something 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 Lewiston, ME. Our trained mortgage professionals will work alongside you and recommend the best loan options and terms for your circumstances.
From your initial Lewiston loan search to prequalification to closing, we're here to help you make your move in Maine! can even help out when you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who assist with home buying and selling.. 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 Lewiston, 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 Maine and the overall mortgage process. Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. In addition, 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 Lewiston and beyond.
The Lewiston real estate scene is a busy one, and you'll want to take action quickly — especially if you've found your dream home. We know what that's like! Follow these important steps in the Maine home loan process.
Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Lewiston. Adjustable-rate loans have a fixed rate for some time. After that date, 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.
Next, complete your ME 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, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.
Your lender will then give you 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 Lewiston. It's a bit of preview, and you can request multiple estimates to find the best loan for you.
Partner with Mr. Cooper to complete the Lewiston mortgage process 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.
Just ask! It's normal to have questions about the home loan process. The FTC urges home shoppers to inquire 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 Lewiston, ME
The choice is up to you! 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 evaluate the drawbacks and advantages of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Maine. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Close on a Home in Lewiston, ME
Once your home loan is approved by the lender, it's go-time for buying your Lewiston house! During this step of the mortgage process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your state, you might have to bring in a Lewiston closing attorney to be there when you sign your loan docs. 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've arrived. You finished the home loan process in Lewiston, and it's time to celebrate. Your Lewiston house is now your home! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Lewiston a super easy one.