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Get to Know the Home Loan Process in Peabody, MA

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

Being a homeowner — it's an aspiration that unites us from coast to coast! And it's something that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Peabody, MA. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.

Our team 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 well-known, licensed 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. It's the site to visit if you need to find a Peabody 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).

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 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 Peabody, MA.

Houses in Peabody seem to move off the market just as fast as they come on, and you'll want to take action quickly — especially if you're on a tight timeline. We know what that's like! 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 enjoying your golden years in this house? If you're going to be in the house for years and years, look into a fixed-rate loan. 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 Peabody mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

After, submit your Peabody lender's home loan application. The process varies from lender to lender. 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 details, and the amount of money you're looking to borrow.

Your lender will then give you a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Partner with Mr. Cooper to complete the Peabody mortgage process and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.

Ask your lender! The more questions you ask The FTC recommends home buyers to ask about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.

The Final Step for a Home Mortgage in Peabody, MA

The choice is up to you! Analyze your mortgage offers and select the one that's best 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. Once you confirm your choice with the lender, they might approve your loan and send 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. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Close on a Home in Peabody, MA

Once your home loan is approved by the lender, it's go-time for buying your Peabody house! During this step of the mortgage process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you may also be required to work with a closing attorney in Peabody 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*.

You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Peabody, and it's time to get your keys. Your Peabody house is now your home! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Peabody a super easy one.

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