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Get to Know the Home Loan Process in Scarborough, ME

Whether you're buying your first home in Scarborough or your seventh on the other side of Maine, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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The Right Way to Start Your Scarborough, ME Mortgage Process

Being a homeowner — it's a goal that unites us from coast to coast! And it's a process that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Scarborough, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and recommend the best options for you at every turn.

Our mortgage professionals can even help out when you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading 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. On the MLS site, you can compare Scarborough homes, check your home’s value, and set up Home Alerts to find your dream home. But the savings don't stop there. Purchase a house with a Mr. Cooper mortgage and we'll pay for your actual move (up to 50 miles).

But we're getting ahead of ourselves. You're interested in the home loan process in Maine. Why might a person need a home loan in the first place? 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. These facts apply to the home loan preparation process everywhere, not just in Scarborough, ME.

The Scarborough home market is a competitive one, and you'll want to take action quickly — even more so if you found a house you can't live without. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Scarborough

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 Scarborough? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with 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 Scarborough mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. When that period is over, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Next, submit your Scarborough lender's home loan application. The process varies from lender to lender. Usually, though, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, credit check authorization, the address of the home you'd like to buy, purchase contract, 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 a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.

Work with Mr. Cooper when going through the mortgage process in Scarborough 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! Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask your lender! The more questions you ask 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.

The Final Step for a Home Mortgage in Scarborough, ME

The choice is up to you! Compare your mortgage offers and choose the option that's right for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand the benefits and drawbacks 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 Maine. 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 Scarborough, ME

Once your home loan is approved by the lender, it's time to close on the home you want in Scarborough! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on where you live, you could be required to work with a Scarborough closing attorney. They'll book 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 reached the end of the home loan process in Scarborough, and it's time to celebrate. You are a homeowner in Scarborough! Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Scarborough super straightforward.

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