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Get to Know the Home Loan Process in Waterville, ME

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

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Waterville, ME: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's a goal that unifies all kinds of people! And it's something that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Waterville, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and recommend the best loan options and terms for your circumstances.

Our mortgage professionals can even lend a helping hand as 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 can assist with the buying and selling process. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Waterville 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 here to learn more about moving in Maine and the overall mortgage process. At a basic level, why do people get home loans? 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, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. Considering these facts is part of the home loan preparation process in Waterville and beyond.

The Waterville real estate scene is a busy one, and you will likely want to act fast — especially if you're on a tight timeline. 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. Are you just passing through Waterville on your way to your forever home? Or will you be planting some deep roots in Waterville? If you're going to be in the house for years and years, look into a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Waterville. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

Next, complete your ME lender's loan application process. Every lender has a somewhat different process. Still, in general, 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 receive your estimated monthly payment, interest rate, and closing costs. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Waterville. It's an approximate calculation, 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 Waterville 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. 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 advises that you should also ask each lender 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.

The Final Step for a Home Mortgage in Waterville, ME

You're in control now! Compare your mortgage offers and choose 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 help you understand the drawbacks and advantages 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 Waterville or elsewhere. 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 Waterville, ME

After your mortgage is approved, it's go-time for buying your Waterville house! During this step of the mortgage process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your state, you may also be required to work with a closing attorney in Waterville who will schedule a time with you to sign your loan documents. Don't worry about missing your closing date, either. We guarantee we’ll close your loan on time, or your first month’s mortgage payment (principal + interest) is on us*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've reached the end of the home loan process in Waterville, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Waterville. Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Waterville a super easy one.

Mr. Cooper Reviews from Real Customers in Waterville, ME

Read real stories from real Mr. Cooper home buyers in Waterville, ME. Then contact us to see what we can do for you.

Simplify the home buying process in Waterville with Mr. Cooper.

Mr. Cooper works to save buyers money at every stage of their journey, from real estate commissions to closing costs.