Mount Laurel, NJ Mortgage and Home Loan Process
Owning a home — it's a hope that unites us from coast to coast! And it's something that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Mount Laurel, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation to identify the right options for your needs.
Our mortgage professionals can even lend a helping hand as you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected 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 Mount Laurel, 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 want more information about moving to New Jersey and going through the mortgage process in Mount Laurel! Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. Considering these facts is part of the home loan preparation process in Mount Laurel and beyond.
The Mount Laurel home market is a competitive one, and you will likely want to act fast — even more so if you're on a tight timeline. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Mount Laurel
First, ask yourself: How long do you plan on living in this house? Do you plan on living in it for a few years and then renting it out? 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. 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 Mount Laurel mortgage. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Then, follow your Mount Laurel lender's loan application process. The process can vary a bit between lenders. Still, in general, 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, 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. A quick note: a loan estimate isn't the same thing as a mortgage. 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 Mount Laurel with Mr. Cooper 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 all lenders offer 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 Mount Laurel, NJ
The choice is up to you! Compare 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 even help you weigh the drawbacks and advantages of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in New Jersey. A Closing Disclosure is a more formal write-up of your initial 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 Mount Laurel, NJ
Once your home loan is approved, it's time to close on the home you want in Mount Laurel! At this point in the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on your location, you might have to bring in a Mount Laurel closing attorney to be there when you sign your loan docs. Even if paperwork takes longer than expected, you don't have to stress over your closing date being delayed. We guarantee we’ll close your loan on time, or your first month’s mortgage payment (principal + interest) is on us*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've arrived. You finished the home loan process in Mount Laurel, and it's time to roll out the welcome mat. You are a homeowner in Mount Laurel! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Mount Laurel super straightforward.