The Right Way to Start Your South Portland, ME Mortgage Process
Buying a house — it's a goal that we all share! And it's a process 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 South Portland, ME. Our mortgage professionals will get to know your particular situation to identify the right options for your needs.
Our crew can even help out when you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network 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 South Portland 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).
Before we get too far down the rabbit hole… 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 it so much easier to buy a house and can also offer tax benefits in some situations. Plus, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. This information applies whether you're going through the home loan preparation process in South Portland or anywhere else. How to Apply for a Home Loan in South Portland, ME Steps to Complete the Mortgage Process in South Portland, ME How to Apply for a Mortgage in South Portland, ME
Houses in South Portland seem to move off the market just as fast as they come on, and you'll want to take action quickly — particularly if you've found your dream home. We've been there, too! Here are a few of the most important steps in the ME mortgage 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 will you be planting some deep roots in South Portland? 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 plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in South Portland. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
After, submit your South Portland lender's home loan application. The process varies from lender to lender. Usually, though, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, 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! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: the loan estimate isn't your final South Portland mortgage. It's an estimate, 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 South Portland 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 shows home sellers and realtors you are a serious buyer. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Ask questions during the home loan process! The FTC urges home shoppers to inquire 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 South Portland, ME
The ball is in your court at this point! Review your mortgage offers and pick the offer that's good 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 benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you 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. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.
At Your Mortgage Closing in South Portland, ME
After your mortgage is approved, it's go-time for buying your South Portland house! At this stage of the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you could be required to work with a South Portland closing attorney. They'll book 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 reached the end of the home loan process in South Portland, and it's time to get your keys. Your South Portland house is now your home! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in South Portland super straightforward.