Baltimore, MD 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 something that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Baltimore, MD. Our trained mortgage professionals will work alongside you and recommend the best loan options and terms for your circumstances.
Our mortgage professionals can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed real estate agents who know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Baltimore, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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 want more information about moving to Maryland and going through the mortgage process in Baltimore! 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, 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 Baltimore or anywhere else. How to Apply for a Home Loan in Baltimore, MD Steps to Complete the Mortgage Process in Baltimore, MD How to Apply for a Mortgage in Baltimore, MD
The Baltimore home market is a competitive one, and you probably want to move fast — even more so if you've found your dream home. We get it! Here are a few of the most important steps in the MD mortgage loan process.
Begin by considering how long you'll be at your new home. Do you plan on living in it for a few years and then renting it out? Or is this where you'll be raising your family? If you plan on sticking around for a long time, you might consider 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 Baltimore mortgage. Adjustable-rate loans have a fixed rate for some time. When that period is over, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
After, submit your Baltimore lender's home loan application. The process can vary a bit between lenders. Generally, however, 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.
Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that a loan estimate isn't the same thing as a mortgage. 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 Baltimore and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. 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.
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.
Make Your Move with a Home Loan in Baltimore, MD
The ball is in your court at this point! Compare 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 understand the pros and cons 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 Maryland. The Disclosure is more formal documentation of your first estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.
Closing on a House in Baltimore, MD
After your mortgage is approved, it's go-time for buying your Baltimore house! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your location, you may also be required to work with a closing attorney in Baltimore who will schedule a 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've arrived. You finished the home loan process in Baltimore, and it's time to roll out the welcome mat. You are a homeowner in Baltimore! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Baltimore mortgage process an easy one.