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Process for Getting a Mortgage in Oxford , MA

Whether you're buying your first home in Oxford 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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Oxford, MA Mortgage and Home Loan Process

Living in a house that's yours, all yours — it's an ambition that we all share! And it's an endeavor that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Oxford, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation to identify the best options for you at every turn.

From your initial Oxford loan search to prequalification to closing, we're here to help you make your move in Massachusetts! can even help out when 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'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. It's the site to visit if you need to find a Oxford 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're here to learn more about moving in Massachusetts and the overall mortgage process. At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in Oxford, MA.

The Oxford real estate scene is a busy one, and you will likely want to act fast — even more so if you found a house you can't live without. We get it! Here are a few of the most important steps in the MA mortgage loan process.

Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or is this where you'll be raising your family? 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 Oxford. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that date, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Then, complete your MA lender's loan application process. Every lender has a somewhat different process. Still, in general, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, 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. 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 Oxford 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 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 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.

Seal the Deal with a Home Mortgage in Oxford, MA

The choice is up to you! Compare your mortgage offers and pick the option that's right for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can even help you weigh 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. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Massachusetts. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Close on a Home in Oxford, MA

Once your home loan is approved, it's time to close on the home you want in Oxford! 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 your state, you could be required to work with a Oxford closing attorney. They'll book 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 Oxford, and it's time to roll out the welcome mat. Your Oxford house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Oxford a super easy one.

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