The Right Way to Start Your Boston, MA Mortgage Process
Being a homeowner — it's an aspiration that we all share! And it's an endeavor that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Boston, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and recommend the right options for your needs.
From immersing yourself in the culture of Boston's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Massachusetts. can even lend a helping hand as you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected real estate agents who assist with home buying and selling.. 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 Boston, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. And get this — if you buy a home 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're interested in the home loan process in Massachusetts. 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. Considering these facts is part of the home loan preparation process in Boston and beyond.
The Boston home market is a competitive one, and you probably want to move fast — especially if you found a house you can't live without. We get it! Here is a summary of the essential steps when applying for a mortgage in Boston
Begin by considering how long you'll be at your new home. Do you plan on living in it for a few years and then renting it out? Or will you be enjoying your golden years in this house? 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 plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Boston. 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. Let your mortgage professional help you select the best loan program for your needs during prequalification.
After, follow your Boston lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll need to provide the following information: pay stubs, Social Security numbers, 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. 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 Boston mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.
Work with Mr. Cooper when going through the mortgage process in Boston 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 carries weight with realtors and home sellers because it shows you are serious and can afford a home. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC urges home shoppers to inquire about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.
Seal the Deal with a Home Mortgage in Boston, MA
The ball is in your court at this point! Compare your mortgage offers and pick the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand the drawbacks and advantages of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Massachusetts. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
At Your Mortgage Closing in Boston, MA
After your mortgage is approved, it's time to close on the home you want in Boston! During this step of the mortgage process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you might have to bring in a Boston 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*.
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 Boston, and it's time to get your keys. Your Boston house is now your home! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Boston super straightforward.