The Right Way to Start Your Rutherford, NJ Mortgage Process
Being a homeowner — it's a dream that we all share! 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 Rutherford, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and suggest the right options for your needs.
From your initial Rutherford loan search to prequalification to closing, we're here to help you make your move in New Jersey! can even help you out as you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading real estate agents who can assist with the buying and selling process. 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 Rutherford home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. And guess what? If you choose to buy a house with a Mr. Cooper mortgage, we'll pay for your 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 Rutherford! 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 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 Rutherford, NJ.
The Rutherford home market is a competitive one, and you probably want to move fast — particularly if you found a house you can't live without. We've been there, too! Here are a few of the most important steps in the NJ mortgage loan process.
Begin by considering how long you'll be at 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? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate doesn't change with a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Rutherford. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can go up or down at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
After, follow your Rutherford lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll need to provide the following information: Social Security numbers, pay stubs, 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.
Next up? A loan estimate from your lender! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can request multiple estimates to find the best loan for you.
Work with Mr. Cooper when going through the mortgage process in Rutherford 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.
Ask questions during the home loan process! The FTC urges home shoppers to inquire 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.
The Final Step for a Home Mortgage in Rutherford, NJ
The choice is up to you! Compare your mortgage offers and pick the offer that's good for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you evaluate the benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in New Jersey. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Closing on a House in Rutherford, NJ
Once your home loan is approved by the lender, it's go-time for buying your Rutherford house! At this point in the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on where you live, you could be required to work with a Rutherford closing attorney. They'll book time with you to sign your loan documents. 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*.
You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Rutherford, 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 Rutherford. Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Rutherford a super easy one.