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Get to Know the Mortgage Process in Malden, MA

Whether you're buying your first home in Malden or your seventh on the other side of Massachusetts, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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Malden, MA Mortgage and Home Loan Process

Owning a home — it's a mission 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 Malden, MA. Our trained mortgage professionals will work alongside you to identify the right options for your needs.

Our crew 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 well-known, licensed real estate agents who assist with home buying and selling.. 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 Malden 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).

But we're getting too deep into the weeds. You're here to learn more about moving in Massachusetts and the overall mortgage process. Why might a person need a home loan in the first place? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. 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 Malden and beyond.

The Malden home market is a competitive one, and you will likely want to act fast — especially if you've found your dream home. We've been there, too! Here are a few of the most important steps in the MA mortgage loan process.

Begin by considering how long you'll be at your new home. Are you just passing through Malden on your way to your forever home? 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 doesn't change with a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Malden. Adjustable-rate loans have a fixed rate for some time. 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.

Then, submit your Malden lender's home loan application. Every lender has a somewhat different process. Still, in general, you'll need to give the following info: Social Security numbers, pay stubs, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.

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 your loan estimate doesn't mean you've been approved or denied for a mortgage in Malden. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.

Work with Mr. Cooper when going through the mortgage process in Malden 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 every lender offers 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 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 Malden, MA

The choice is up to you! Compare your mortgage offers and choose the one that's best 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 benefits and drawbacks 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. The Disclosure is more formal documentation of your first estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Closing on a House in Malden, MA

Once your home loan is approved by the lender, it's time to close on your dream house in Malden! At this point in the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Malden who will schedule a time with you to sign your loan documents. 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*.

You're in the home stretch once you've signed the documents! You've completed the mortgage process in Malden, and it's time to roll out the welcome mat. You are a homeowner in Malden! Does that all sound too easy? Call Mr. Cooper. We strive to make the Malden mortgage process an easy one.

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