The Right Way to Start Your New Bedford, MA Mortgage Process
Living in a house that's yours, all yours — it's an ambition that unites us from coast to coast! 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 New Bedford, MA. Our mortgage professionals can help you work through your unique situation and recommend the right options for your needs.
Our mortgage professionals can even lend a helping hand as you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected real estate agents who assist with home buying and selling.. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. It's the site to visit if you need to find a New Bedford 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 interested in the home loan process in Massachusetts. 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. In addition, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. This information applies whether you're going through the home loan preparation process in New Bedford or anywhere else. How to Apply for a Home Loan in New Bedford, MA Steps to Complete the Mortgage Process in New Bedford, MA How to Apply for a Mortgage in New Bedford, MA
Houses in New Bedford 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 get it! Here is a summary of the essential steps when applying for a mortgage in New Bedford
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 New Bedford? If you plan on sticking around for a long time, you might consider 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 New Bedford. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can go up or down 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 New Bedford lender's loan application process. The process can vary a bit between lenders. Generally, however, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, credit check authorization, the address of the home you'd like to buy, purchase contract, banking details, and the amount of money you're looking to borrow.
Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in New Bedford. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.
Partner with Mr. Cooper to complete the New Bedford mortgage process 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! Not every lender offers Verified Approval letters as Mr. Cooper does.
Ask your lender! The more questions you ask 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.
Make Your Move with a Home Loan in New Bedford, MA
The ball is in your court at this point! Compare your mortgage offers and choose the option that's right for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you understand 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. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Closing on a House in New Bedford, MA
Once your home loan is approved, it's time to close on the home you want in New Bedford! At this stage of the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on your location, you may also be required to work with a closing attorney in New Bedford 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've reached the end of the home loan process in New Bedford, and it's time to get your keys. You are a homeowner in New Bedford! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in New Bedford super straightforward.