Deptford, NJ: A Home Loan Process That's Unique to You
Being a homeowner — it's an aspiration that unites us from coast to coast! And it's an endeavor that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Deptford, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and recommend the best loan options and terms for your circumstances.
Our crew can even help out when you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of well-known, licensed real estate agents who can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Deptford 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).
Before we get too far down the rabbit hole… You're interested in the home loan process in New Jersey. Why might a person need a home loan in the first place? 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. Considering these facts is part of the home loan preparation process in Deptford and beyond.
The Deptford real estate scene is a busy one, and you'll want to take action quickly — even more so if you've found your dream home. We understand! 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 Deptford on your way to your forever home? Or will you be enjoying your golden years in this house? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with a fixed-rate home loan. But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Deptford mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. 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.
Next, complete your NJ lender's loan application process. The process varies from lender to lender. Generally, however, you'll need to provide the following information: 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.
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. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Deptford. It's an estimate, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in Deptford 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. 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 additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.
Seal the Deal with a Home Mortgage in Deptford, NJ
The choice is up to you! Analyze your mortgage offers and pick 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 help you understand 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 New Jersey. A Closing Disclosure is a more formal write-up of your initial estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Closing on a House in Deptford, NJ
Once your home loan is approved, it's go-time for buying your Deptford house! 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 Deptford 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*.
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 Deptford, and it's time to get your keys. Your Deptford 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 Deptford super straightforward.