The Right Way to Start Your Merrimack, NH Mortgage Process
Owning a home — it's a mission that unites us from coast to coast! And it's an endeavor 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 Merrimack, NH. Our trained mortgage professionals will work alongside you and suggest the right options for your needs.
Our crew can even lend a helping hand as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network 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. Here, you can search for a home in Merrimack, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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 ahead of ourselves. You're here to learn more about moving in New Hampshire and the overall mortgage process. At a basic level, why do people get home loans? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. What's more, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. This information applies whether you're going through the home loan preparation process in Merrimack or anywhere else. How to Apply for a Home Loan in Merrimack, NH Steps to Complete the Mortgage Process in Merrimack, NH How to Apply for a Mortgage in Merrimack, NH
Houses in Merrimack seem to move off the market just as fast as they come on, and you probably want to move fast — especially if you found a house you can't live without. We know what that's like! Here are a few of the most important steps in the NH mortgage loan process.
Start by thinking about how long you'll be in 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? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Merrimack. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Next, submit your Merrimack lender's home loan application. Every lender has a somewhat different process. Still, in general, you'll need to give the following info: pay stubs, Social Security numbers, income sources, 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.
Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that the loan estimate isn't your final Merrimack mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in Merrimack with Mr. Cooper 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. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Ask your lender! The more questions you ask The FTC advises that you should also ask each lender 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 Merrimack, NH
The choice is up to you! Compare your mortgage offers and pick the one that's best for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you understand the drawbacks and advantages 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 Merrimack 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.
At Your Mortgage Closing in Merrimack, NH
After your mortgage is approved, it's time to close on your dream house in Merrimack! At this stage of the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you could be required to work with a Merrimack 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*.
You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Merrimack, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in Merrimack. Does that all sound too easy? Call Mr. Cooper. We strive to make the Merrimack mortgage process an easy one.