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Get to Know the Home Loan Process in Burlington, MA

Are you a first-time Massachusetts homebuyer? Or, maybe you're new to Burlington 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 Burlington, MA Mortgage Process

Owning a home — it's a hope that we all share! And it's an endeavor that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Burlington, MA. Our mortgage professionals can help you work through your unique situation and recommend the best loan options and terms for your circumstances.

Our crew can even lend a helping hand as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading 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. It's the site to visit if you need to find a Burlington home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 want more information about moving to Massachusetts and going through the mortgage process in Burlington! Why do people need home loans to begin with? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. 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 Burlington and beyond.

Houses in Burlington seem to move off the market just as fast as they come on, and you probably want to move fast — even more so if you found a house you can't live without. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Burlington

Start by thinking about how long you'll be in your new home. Do you plan on living in it for a few years and then renting it out? Or will you be planting some deep roots in Burlington? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate doesn't change with a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Burlington. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can go up or down at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Next, follow your Burlington lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, 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. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Burlington. It's an estimate, and you can request multiple estimates to find the best loan for you.

Partner with Mr. Cooper to complete the Burlington mortgage process 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. Not all lenders offer Verified Approval letters as Mr. Cooper does.

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.

Seal the Deal with a Home Mortgage in Burlington, MA

You're in control now! Review your mortgage offers and select 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 even help you weigh the drawbacks and advantages of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in Burlington or elsewhere. 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 Burlington, MA

After your mortgage is approved, it's go-time for buying your Burlington house! During this step of the mortgage process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your location, you could be required to work with a Burlington closing attorney. They'll book time with you to sign your loan documents. You never have to worry about your closing date flying by and leaving you in a pinch. 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 Burlington, and it's time to get your keys. Your Burlington house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Burlington a super easy one.

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