The Right Way to Start Your Somers, NY Mortgage Process
Being a homeowner — it's an aspiration that unites us from coast to coast! And it's a process that you can get assistance with along the way. If you're curious about the process of getting a mortgage in Somers, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.
We're here to help make your New York move an easy one, starting with the first time you search for a Somers home loan. can even lend a helping hand as 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 assist with home buying and selling.. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Somers homes, check your home’s value, and set up Home Alerts to find your dream home. 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 ahead of ourselves. You're interested in the home loan process in New York. Why might a person need a home loan in the first place? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. In addition, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. Considering these facts is part of the home loan preparation process in Somers and beyond.
Houses in Somers 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've found your dream home. We get it! Follow these important steps in the New York home loan process.
First, ask yourself: How long do you plan on living in this house? Are you just passing through Somers on your way to your forever home? Or will you be enjoying your golden years in this house? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Somers. 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.
Then, submit your Somers lender's home loan application. Every lender has a somewhat different process. Generally, however, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, banking details, and the amount of money you're looking to borrow.
Your lender will then give you a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.
Partner with Mr. Cooper to complete the Somers 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! Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
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.
Seal the Deal with a Home Mortgage in Somers, NY
The ball is in your court at this point! Review 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 pros and cons of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever 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.
Close on a Home in Somers, NY
Once your home loan is approved, it's time to close on your dream house in Somers! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you may also be required to work with a closing attorney in Somers who will schedule a 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've reached the end of the home loan process in Somers, 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 Somers. Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Somers a super easy one.