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Get to Know the Mortgage Process in Marlborough, MA

Whether you're buying your first home in Marlborough 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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Marlborough, MA: A Home Loan Process That's Unique to You

Being a homeowner — it's a mission that we all share! And it's a process that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Marlborough, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the right options for your needs.

Our mortgage professionals can even help you out as you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed 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 Marlborough home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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).

But we're getting ahead of ourselves. You want more information about moving to Massachusetts and going through the mortgage process in Marlborough! Why might a person need a home loan in the first place? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. Plus, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. These facts apply to the home loan preparation process everywhere, not just in Marlborough, MA.

Houses in Marlborough 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've been there, too! Here is a summary of the essential steps when applying for a mortgage in Marlborough

First, ask yourself: How long do you plan on living in this house? Are you just passing through Marlborough on your way to your forever home? Or will you be planting some deep roots in Marlborough? 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're planning on being in and out fast, then you might want to go the adjustable-rate route for your Marlborough mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. 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, complete your MA lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll need to give the following info: income sources, pay stubs, Social Security numbers, 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.

Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.

Go through the mortgage process in Marlborough with Mr. Cooper 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 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 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.

Seal the Deal with a Home Mortgage in Marlborough, MA

The choice is up to you! Review 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 even help you weigh the pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Massachusetts. 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.

At Your Mortgage Closing in Marlborough, MA

Once your home loan is approved, it's time to close on the home you want in Marlborough! During this step of the mortgage process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you could be required to work with a Marlborough 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 completed the mortgage process in Marlborough, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in Marlborough. Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Marlborough a super easy one.

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