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Get to Know the Home Loan Process in Bridgewater, NJ

Whether you're buying your first home in Bridgewater or your seventh on the other side of New Jersey, 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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The Right Way to Start Your Bridgewater, NJ Mortgage Process

Living in a house that's yours, all yours — it's a wish that unites us from coast to coast! And it's a process that you can get assistance with along the way. If you're curious about the process of getting a mortgage in Bridgewater, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation and recommend the best loan options and terms for your circumstances.

Our crew can even help out when you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading real estate agents who assist with home buying and selling.. 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 Bridgewater home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. But the savings don't stop there. Purchase a house with a Mr. Cooper mortgage and we'll pay for your actual move (up to 50 miles).

But we're getting ahead of ourselves. You're here to learn more about moving in New Jersey 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. What's more, 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 Bridgewater, NJ.

The Bridgewater real estate scene is a busy one, and you will likely want to act fast — particularly if you found a house you can't live without. We get it! Follow these important steps in the New Jersey home loan process.

Begin by considering how long you'll be at your new home. Are you just passing through Bridgewater on your way to your forever home? Or will you be planting some deep roots in Bridgewater? If you plan on sticking around for a long time, you might consider a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Bridgewater mortgage. Adjustable-rate loans have a fixed rate for some 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, follow your Bridgewater lender's loan application process. The process varies from lender to lender. Usually, though, you'll need to give the following info: pay stubs, Social Security numbers, income sources, 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.

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, 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 Bridgewater and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could afford. This letter means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! 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 urges home shoppers to inquire about any special programs, additional fees, the loan's annual percentage rate (APR), and whether the quoted rate is the lowest for that week or day.

Seal the Deal with a Home Mortgage in Bridgewater, NJ

The ball is in your court at this point! Review your mortgage offers and choose the offer that's good 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 pros and cons 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 Bridgewater or elsewhere. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Closing on a House in Bridgewater, NJ

Once your home loan is approved, it's time to close on your dream house in Bridgewater! At this point in the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you could be required to work with a Bridgewater closing attorney. They'll book 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 Bridgewater, and it's time to celebrate. You are a homeowner in Bridgewater! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Bridgewater mortgage process an easy one.

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Simplify the home buying process in Bridgewater with Mr. Cooper.

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