Ferndale, MD: A Home Loan Process That's Unique to You
Buying a house — it's a mission that unifies all kinds of people! And it's a process that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Ferndale, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.
From your initial Ferndale loan search to prequalification to closing, we're here to help you make your move in Maryland! can even help you out as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading 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. It's the site to visit if you need to find a Ferndale home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 Maryland and the overall mortgage process. At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. 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. This information applies whether you're going through the home loan preparation process in Ferndale or anywhere else. How to Apply for a Home Loan in Ferndale, MD Steps to Complete the Mortgage Process in Ferndale, MD How to Apply for a Mortgage in Ferndale, MD
Houses in Ferndale 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 understand! Here is a summary of the essential steps when applying for a mortgage in Ferndale
Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or will you be planting some deep roots in Ferndale? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate stays the same when you have 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 Ferndale mortgage. Adjustable-rate loans have a fixed rate for some time. After that deadline, the rate can go up or down at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
Next, follow your Ferndale lender's loan application process. The process varies from lender to lender. Generally, however, you'll need to provide the following information: pay stubs, Social Security numbers, income sources, 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.
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. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in Ferndale with Mr. Cooper 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 shows home sellers and realtors you are a serious buyer. 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 recommends home buyers to ask 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 Ferndale, MD
You're in control now! Review your mortgage offers and select the one that's best for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you evaluate the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send 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 Ferndale, MD
Once your home loan is approved, it's time to close on the home you want in Ferndale! At this point in the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you might have to bring in a Ferndale closing attorney to be there when you sign your loan docs. 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Ferndale, and it's time to roll out the welcome mat. You are a homeowner in Ferndale! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Ferndale a super easy one.