Sandwich, MA Mortgage and Home Loan Process
Being a homeowner — it's a wish that unites us from coast to coast! And it's an endeavor that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Sandwich, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation to identify the best options for you at every turn.
Our mortgage professionals can even lend a helping hand as you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed real estate agents who know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Sandwich homes, check your home’s value, and set up Home Alerts to find your dream home. 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 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, 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 Sandwich or anywhere else. How to Apply for a Home Loan in Sandwich, MA Steps to Complete the Mortgage Process in Sandwich, MA How to Apply for a Mortgage in Sandwich, MA
Houses in Sandwich seem to move off the market just as fast as they come on, and you will likely want to act fast — particularly if you're on a tight timeline. 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. Do you plan on living in it for a few years and then renting it out? 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. 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 Sandwich. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
Then, submit your Sandwich lender's home loan application. Every lender has a somewhat different process. Generally, however, you'll need to provide the following information: 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.
Your lender will then give you a loan estimate. 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 request multiple estimates to find the best loan for you.
Work with Mr. Cooper when going through the mortgage process in Sandwich 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 shows home sellers and realtors you are a serious buyer. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
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 Sandwich, MA
You're in control now! Analyze your mortgage offers and choose 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 help you evaluate the benefits and drawbacks of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. It's a standard part of the home loan process, whether you live in Sandwich or elsewhere. A Closing Disclosure is a more formal write-up of your initial estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.
At Your Mortgage Closing in Sandwich, MA
After your mortgage is approved, it's time to close on the home you want in Sandwich! 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 your location, you could be required to work with a Sandwich 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've completed the mortgage process in Sandwich, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Sandwich. Does that all sound too easy? Call Mr. Cooper. We strive to make the Sandwich mortgage process an easy one.