Andover, MA 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 beginning to end. If you're curious about the process of getting a mortgage in Andover, keep reading. Then call Mr. Cooper to take your next step. 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 help out when you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading 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 Andover, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. And guess what? If you choose to buy a house with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).
Before we get too far down the rabbit hole… You want more information about moving to Massachusetts and going through the mortgage process in Andover! Why might a person need a home loan in the first place? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. 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. These facts apply to the home loan preparation process everywhere, not just in Andover, MA.
The Andover home market is a competitive one, and you will likely want to act fast — especially if you're on a tight timeline. We know what that's like! Here are a few of the most important steps in the MA mortgage loan process.
First, ask yourself: How long do you plan on living in this house? Are you just passing through Andover on your way to your forever home? Or is this where you'll be raising your family? If you're going to be in the house for years and years, look into 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 Andover mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. 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 Andover lender's home loan application. The process varies from lender to lender. Generally, however, 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, banking details, and the amount of money you're looking to borrow.
Your lender will then give you a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Andover 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 afford 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 additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.
Make Your Move with a Home Loan in Andover, MA
You're in control now! Analyze your mortgage offers and pick the one that's best for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can even help you weigh the pros and cons of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Massachusetts. The Disclosure is more formal documentation of your first estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Close on a Home in Andover, MA
Once your home loan is approved, it's time to close on your dream house in Andover! At this point in the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your state, you might have to bring in a Andover closing attorney to be there when you sign your loan docs. 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*.
You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Andover, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in Andover. Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Andover a super easy one.