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Get to Know the Mortgage Process in Fort Washington, MD

Are you a first-time Maryland homebuyer? Or, maybe you're new to Fort Washington and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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Fort Washington, MD Mortgage and Home Loan Process

Buying a house — it's an aspiration that unifies all kinds of people! And it's something that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Fort Washington, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and suggest the best options for you at every turn.

We're here to help make your Maryland move an easy one, starting with the first time you search for a Fort Washington home loan. can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading real estate agents who know home sales inside and out. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. Here, you can search for a home in Fort Washington, 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 too deep into the weeds. You want more information about moving to Maryland and going through the mortgage process in Fort Washington! Why do people need home loans to begin with? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. Considering these facts is part of the home loan preparation process in Fort Washington and beyond.

The Fort Washington real estate scene is a busy one, and you will likely want to act fast — even more so if you found a house you can't live without. We get it! Follow these important steps in the Maryland home loan process.

Start by thinking about how long you'll be in your new home. Are you just passing through Fort Washington on your way to your forever home? Or will you be planting some deep roots in Fort Washington? 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 Fort Washington mortgage. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Next, submit your Fort Washington lender's home loan application. Every lender has a somewhat different process. Generally, however, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking to borrow.

Next up? A loan estimate from your lender! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that the loan estimate isn't your final Fort Washington mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Fort Washington with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter carries weight with realtors and home sellers because it shows you are serious and can buy a home. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask questions during the home loan process! 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 Fort Washington, MD

The choice is up to you! Analyze your mortgage offers and select 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. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Maryland. 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.

Close on a Home in Fort Washington, MD

Once your home loan is approved by the lender, it's time to close on your dream house in Fort Washington! At this stage of the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you could be required to work with a Fort Washington 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've arrived. You finished the home loan process in Fort Washington, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Fort Washington. And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Fort Washington super straightforward.

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