Harrison, NY: A Home Loan Process That's Unique to You
Living in a house that's yours, all yours — 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 find yourself wondering what the home loan process is like in Harrison, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation to identify the right options for your needs.
Our crew can even help out when you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading 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. Here, you can search for a home in Harrison, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. 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).
Before we get too far down the rabbit hole… You want more information about moving to New York and going through the mortgage process in Harrison! At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. Plus, 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 Harrison and beyond.
Houses in Harrison seem to move off the market just as fast as they come on, and you'll want to take action quickly — even more so if you found a house you can't live without. We know what that's like! Here are a few of the most important steps in the NY mortgage loan process.
Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or is this where you'll be raising your family? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Harrison. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
Then, follow your Harrison lender's loan application process. The process varies from lender to lender. Still, in general, you'll need to give the following info: 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.
Your lender will then give you 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 Harrison. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.
Work with Mr. Cooper when going through the mortgage process in Harrison and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can borrow! This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC recommends home buyers to ask 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 Harrison, NY
The ball is in your court at this point! Analyze your mortgage offers and pick the one that's best for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can even help you weigh the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in New York. 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.
At Your Mortgage Closing in Harrison, NY
Once your home loan is approved, it's time to close on your dream house in Harrison! 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 your location, you could be required to work with a Harrison 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 Harrison, and it's time to roll out the welcome mat. Your Harrison house is now your home! And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Harrison a super easy one.