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Get to Know the Mortgage Process in Auburn, MA

Whether you're buying your first home in Auburn or your seventh on the other side of Massachusetts, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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The Right Way to Start Your Auburn, MA Mortgage Process

Owning a home — it's a goal that unifies all kinds of people! And it's something that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Auburn, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and suggest the best loan options and terms for your circumstances.

Our team can even lend a helping hand as you start your house hunt. 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'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. On the MLS site, you can compare Auburn 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 too deep into the weeds. You're here to learn more about moving in Massachusetts and the overall mortgage process. Why do people need home loans to begin with? 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. This information applies whether you're going through the home loan preparation process in Auburn or anywhere else.   How to Apply for a Home Loan in Auburn, MA   Steps to Complete the Mortgage Process in Auburn, MA How to Apply for a Mortgage in Auburn, MA

Houses in Auburn seem to move off the market just as fast as they come on, and you will likely want to act fast — especially if you're on a tight timeline. We know what that's like! Follow these important steps in the Massachusetts home loan process.

Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Auburn. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Then, complete your MA lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll need to give the following info: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking details, and the amount of money you're looking 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. A quick note: the loan estimate isn't your final Auburn mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Auburn mortgage process and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! 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 questions during the home loan process! The FTC recommends home buyers to ask 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.

Seal the Deal with a Home Mortgage in Auburn, MA

You're in control now! Compare your mortgage offers and pick the option that's right 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 benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. It's a standard part of the home loan process, whether you live in Auburn or elsewhere. A Closing Disclosure is a more formal write-up of your initial estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Close on a Home in Auburn, MA

After your mortgage is approved, it's time to close on your dream house in Auburn! During this step of the mortgage process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you could be required to work with a Auburn closing attorney. They'll book 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've reached the end of the home loan process in Auburn, and it's time to get your keys. Your Auburn house is now your home! 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 Auburn super straightforward.

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