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Get to Know the Home Loan Process in Wheaton, MD

Are you a first-time Maryland homebuyer? Or, maybe you're new to Wheaton 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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The Right Way to Start Your Wheaton, MD Mortgage Process

Living in a house that's yours, all yours — it's an aspiration that we all share! And it's an endeavor that you can get assistance with along the way. If you're curious about the process of getting a mortgage in Wheaton, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.

Our team can even help out when you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed 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. On the MLS site, you can compare Wheaton homes, check your home’s value, and set up Home Alerts to find 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'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 the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. Considering these facts is part of the home loan preparation process in Wheaton and beyond.

The Wheaton home market is a competitive one, and you probably want to move fast — even more so if you're on a tight timeline. We understand! Here are a few of the most important steps in the MD mortgage loan process.

First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Wheaton. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Next, submit your Wheaton lender's home loan application. The process varies from lender to lender. Still, in general, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.

From there, your lender will provide you with a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Wheaton. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.

Work with Mr. Cooper when going through the mortgage process in Wheaton 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 means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Not every lender offers Verified Approval letters as Mr. Cooper does.

Ask your lender! The more questions you ask 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 Wheaton, MD

You're in control now! Analyze your mortgage offers and choose the option that's right 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. 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. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

At Your Mortgage Closing in Wheaton, MD

After your mortgage is approved, it's go-time for buying your Wheaton 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 may also be required to work with a closing attorney in Wheaton 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*.

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 Wheaton, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Wheaton. 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 Wheaton super straightforward.

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