Hopkinton, MA Mortgage and Home Loan Process
Buying a house — it's a goal that unifies all kinds of people! And it's something 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 Hopkinton, MA. Our mortgage professionals can help you work through your unique situation and suggest the right options for your needs.
Our mortgage professionals can even help out when you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected 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. Here, you can search for a home in Hopkinton, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. And guess what? If you choose to buy a house 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 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 it so much easier to buy a house and can also offer tax benefits in some situations. In addition, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in Hopkinton, MA.
Houses in Hopkinton seem to move off the market just as fast as they come on, and you probably want to move fast — particularly if you found a house you can't live without. We get it! 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 planting some deep roots in Hopkinton? 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 you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Hopkinton. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
Next, follow your Hopkinton lender's loan application process. Every lender has a somewhat different process. Still, in general, you'll need to give the following info: income sources, pay stubs, Social Security numbers, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking to borrow.
Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that the loan estimate isn't your final Hopkinton 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 Hopkinton mortgage process and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask your lender! The more questions you ask 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.
Make Your Move with a Home Loan in Hopkinton, MA
The choice is up to you! Compare 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 pros and cons of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. It's a standard part of the home loan process, whether you live in Hopkinton or elsewhere. The Disclosure is more formal documentation of your first estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Closing on a House in Hopkinton, MA
Once your home loan is approved by the lender, it's time to close on your dream house in Hopkinton! 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 Hopkinton 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've completed the mortgage process in Hopkinton, and it's time to roll out the welcome mat. Your Hopkinton house is now your home! Does that all sound too easy? Call Mr. Cooper. We strive to make the Hopkinton mortgage process an easy one.