Plainview, NY Mortgage and Home Loan Process
Being a homeowner — it's a hope that unites us from coast to coast! And it's a process that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Plainview, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.
Our team can even help out when you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading 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. It's the site to visit if you need to find a Plainview 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).
Before we get too far down the rabbit hole… You're interested in the home loan process in New York. 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, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. This information applies whether you're going through the home loan preparation process in Plainview or anywhere else. How to Apply for a Home Loan in Plainview, NY Steps to Complete the Mortgage Process in Plainview, NY How to Apply for a Mortgage in Plainview, NY
Houses in Plainview seem to move off the market just as fast as they come on, and you'll want to take action quickly — especially if you're on a tight timeline. We know what that's like! Here are a few of the most important steps in the NY mortgage loan process.
Start by thinking about how long you'll be in your new home. Do you plan on living in it for a few years and then renting it out? Or will you be planting some deep roots in Plainview? 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're planning on being in and out fast, then you might want to go the adjustable-rate route for your Plainview mortgage. Adjustable-rate loans have a fixed rate for some time. After that deadline, 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.
Next, submit your Plainview lender's home loan application. The process varies from lender to lender. Usually, though, 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. A quick note: the loan estimate isn't your final Plainview mortgage. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.
Partner with Mr. Cooper to complete the Plainview mortgage process 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 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 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.
The Final Step for a Home Mortgage in Plainview, NY
You're in control now! Analyze your mortgage offers and choose 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 even help you weigh the drawbacks and advantages 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 York. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Closing on a House in Plainview, NY
Once your home loan is approved, it's time to close on your dream house in Plainview! During this step of the mortgage process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you might have to bring in a Plainview closing attorney to be there when you sign your loan docs. 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 Plainview, and it's time to roll out the welcome mat. Your Plainview house is now your home! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Plainview a super easy one.