The Right Way to Start Your Franklin, NJ Mortgage Process
Owning a home — it's an ambition that unites us from coast to coast! And it's an endeavor that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Franklin, 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.
From immersing yourself in the culture of Franklin's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in New Jersey. can even lend a helping hand as you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who know home sales inside and out. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. It's the site to visit if you need to find a Franklin 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 too deep into the weeds. You want more information about moving to New Jersey and going through the mortgage process in Franklin! 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, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. This information applies whether you're going through the home loan preparation process in Franklin or anywhere else. How to Apply for a Home Loan in Franklin, NJ Steps to Complete the Mortgage Process in Franklin, NJ How to Apply for a Mortgage in Franklin, NJ
Houses in Franklin seem to move off the market just as fast as they come on, and you will likely want to act fast — especially if you've found your dream home. We get it! Follow these important steps in the New Jersey home loan process.
First, ask yourself: How long do you plan on living in this house? Are you just passing through Franklin on your way to your forever home? Or is this where you'll be raising your family? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Franklin. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that date, the rate can go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
After, complete your NJ lender's loan application process. Every lender has a somewhat different process. Generally, however, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, credit check authorization, the address of the home you'd like to buy, purchase contract, banking information, and the amount you'd like to borrow.
Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Franklin. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Franklin 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 carries weight with realtors and home sellers because it shows you are serious and can afford a home. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC urges home shoppers to inquire 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 Franklin, NJ
The ball is in your court at this point! Review your mortgage offers and choose the offer that's good for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you evaluate the drawbacks and advantages of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in New Jersey. The Disclosure is more formal documentation of your first estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Close on a Home in Franklin, NJ
Once your home loan is approved by the lender, it's go-time for buying your Franklin house! During this step of the mortgage process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you could be required to work with a Franklin 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 arrived. You finished the home loan process in Franklin, 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 Franklin. And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Franklin super straightforward.