The Right Way to Start Your Saugus, MA Mortgage Process
Owning a home — it's a dream that unites us from coast to coast! And it's an endeavor that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Saugus, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.
From your initial Saugus loan search to prequalification to closing, we're here to help you make your move in Massachusetts! can even lend a helping hand as you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading 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 Saugus 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).
Before we get too far down the rabbit hole… 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 the home buying experience easier! Depending on the situation, it can also offer tax advantages. Plus, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in Saugus, MA.
Houses in Saugus seem to move off the market just as fast as they come on, and you probably want to move fast — even more so if you've found your dream home. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Saugus
Start by thinking about how long you'll be in your new home. Are you just passing through Saugus on your way to your forever home? 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 Saugus. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Then, complete your MA lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, the address of the house you'd like to buy, purchase contract, credit check authorization, banking information, and the amount you'd like to borrow.
From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Saugus. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.
Go through the mortgage process in Saugus 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 your lender! The more questions you ask The FTC recommends home buyers to ask 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.
The Final Step for a Home Mortgage in Saugus, MA
The choice is up to you! Review your mortgage offers and choose the option that's right 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 benefits and drawbacks of each. Following your selection, your lender may approve your loan and send over 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 Saugus, MA
After your mortgage is approved, it's time to close on the home you want in Saugus! During this step of the mortgage process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you might have to bring in a Saugus closing attorney to be there when you sign your loan docs. Even if paperwork takes longer than expected, you don't have to stress over your closing date being delayed. 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 reached the end of the home loan process in Saugus, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Saugus. Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Saugus super straightforward.