The Right Way to Start Your Duxbury, MA Mortgage Process
Being a homeowner — it's a dream that unifies all kinds of people! And it's a process that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Duxbury, MA. Our mortgage professionals will get to know your particular situation and recommend the right options for your needs.
Our team can even help you out as you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected real estate agents who assist with home buying and selling.. 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 Duxbury homes, check your home’s value, and set up Home Alerts to find 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).
But we're getting ahead of ourselves. You're interested in the home loan process in Massachusetts. At a basic level, why do people get home loans? 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. This information applies whether you're going through the home loan preparation process in Duxbury or anywhere else. How to Apply for a Home Loan in Duxbury, MA Steps to Complete the Mortgage Process in Duxbury, MA How to Apply for a Mortgage in Duxbury, MA
The Duxbury home market is a competitive one, and you probably want to move fast — even more so if you're on a tight timeline. We get it! Here is a summary of the essential steps when applying for a mortgage in Duxbury
First, ask yourself: How long do you plan on living in this house? Are you just passing through Duxbury on your way to your forever home? Or will you be planting some deep roots in Duxbury? If you're going to be in the house for years and years, look into a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Duxbury. Adjustable-rate loans have a fixed rate for some time. After that date, 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.
After, complete your MA lender's loan application process. The process varies from lender to lender. Generally, however, you'll need to give the following info: pay stubs, Social Security numbers, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking details, and the amount of money you're looking 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.
Go through the mortgage process in Duxbury with Mr. Cooper 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 shows home sellers and realtors you are a serious buyer. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Ask your lender! The more questions you ask The FTC recommends home buyers to ask about any special programs, additional fees, the loan's annual percentage rate (APR), and whether the quoted rate is the lowest for that week or day.
The Final Step for a Home Mortgage in Duxbury, MA
The ball is in your court at this point! Analyze your mortgage offers and select the offer that's good for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you evaluate 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. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Massachusetts. Consider it a more formal version of your previous estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Close on a Home in Duxbury, MA
Once your home loan is approved by the lender, it's time to close on the home you want in Duxbury! At this stage of the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Duxbury who will schedule a 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*.
You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Duxbury, and it's time to celebrate. You are a homeowner in Duxbury! Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Duxbury super straightforward.