The Right Way to Start Your Chelmsford, MA Mortgage Process
Living in a house that's yours, all yours — it's an ambition that we all share! And it's something 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 Chelmsford, MA. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.
Our mortgage professionals can even help out when 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 know home sales inside and out. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Chelmsford home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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).
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 the home buying experience easier! Depending on the situation, it can also offer tax advantages. 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 Chelmsford and beyond.
Houses in Chelmsford seem to move off the market just as fast as they come on, and you'll want to take action quickly — even more so if you've found your dream home. We know what that's like! Follow these important steps in the Massachusetts home loan process.
First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? Or is this where you'll be raising your family? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Chelmsford. Adjustable-rate loans have a fixed rate for some 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.
Then, submit your Chelmsford lender's home loan application. Every lender has a somewhat different process. Usually, though, you'll need to give the following info: income sources, pay stubs, Social Security numbers, credit check authorization, the address of the home you'd like to buy, purchase contract, banking information, and the amount you'd like to borrow.
From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. A quick note: a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.
Work with Mr. Cooper when going through the mortgage process in Chelmsford 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! Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Ask questions during the home loan process! The FTC urges home shoppers to inquire 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.
The Final Step for a Home Mortgage in Chelmsford, MA
The choice is up to you! Compare your mortgage offers and choose the option that's right for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you evaluate the drawbacks and advantages 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. 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.
At Your Mortgage Closing in Chelmsford, MA
After your mortgage is approved, it's time to close on the home you want in Chelmsford! At this point in the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you might have to bring in a Chelmsford closing attorney to be there when you sign your loan docs. 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 Chelmsford, and it's time to celebrate. You are a homeowner in Chelmsford! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Chelmsford a super easy one.