The Right Way to Start Your Farmington, NH Mortgage Process
Buying a house — it's a hope that we all share! And it's a process that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Farmington, NH. Our mortgage professionals will get to know your particular situation to identify the best options for you at every turn.
Our crew 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-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. Here, you can search for a home in Farmington, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. 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 interested in the home loan process in New Hampshire. 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. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. This information applies whether you're going through the home loan preparation process in Farmington or anywhere else. How to Apply for a Home Loan in Farmington, NH Steps to Complete the Mortgage Process in Farmington, NH How to Apply for a Mortgage in Farmington, NH
The Farmington real estate scene is a busy one, and you probably want to move fast — even more so if you found a house you can't live without. We've been there, too! Here is a summary of the essential steps when applying for a mortgage in Farmington
Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate doesn't change with a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Farmington. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that date, the rate can go up or down at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
Then, submit your Farmington lender's home loan application. The process varies from lender to lender. Generally, however, you'll need to give the following info: income sources, pay stubs, Social Security numbers, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.
Your lender will then give you a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Farmington. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.
Work with Mr. Cooper when going through the mortgage process in Farmington 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 every lender offers Verified Approval letters as Mr. Cooper does.
Just ask! It's normal to have questions about the home loan process. 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 Farmington, NH
The choice is up to you! Analyze your mortgage offers and choose the one that's best for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you evaluate 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. It's a standard part of the home loan process, whether you live in Farmington or elsewhere. Consider it a more formal version of your previous estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.
Closing on a House in Farmington, NH
After your mortgage is approved, it's time to close on your dream house in Farmington! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on where you live, you might have to bring in a Farmington closing attorney to be there when you sign your loan docs. 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*.
You're in the home stretch once you've signed the documents! You've completed the mortgage process in Farmington, and it's time to roll out the welcome mat. Your Farmington house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Farmington super straightforward.