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Get to Know the Mortgage Process in Syracuse, NY

Whether you're buying your first home in Syracuse or your seventh on the other side of New York, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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The Right Way to Start Your Syracuse, NY Mortgage Process

Owning a home — it's a wish that unites us from coast to coast! And it's something that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Syracuse, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and suggest the best options for you at every turn.

Our crew can even help out when you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Syracuse, 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 too deep into the weeds. You want more information about moving to New York and going through the mortgage process in Syracuse! Why might a person need a home loan in the first place? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. Plus, 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 Syracuse and beyond.

The Syracuse real estate scene is a busy one, and you probably want to move fast — particularly if you found a house you can't live without. We get it! 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 will you be planting some deep roots in Syracuse? 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 Syracuse mortgage. Adjustable-rate loans have a fixed rate for some time. After that deadline, 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.

After, submit your Syracuse lender's home loan application. The process varies from lender to lender. Usually, though, you'll need to give the following info: Social Security numbers, pay stubs, income sources, 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.

From there, your lender will provide you with a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Syracuse. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Syracuse mortgage process and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! 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.

Ask your lender! The more questions you ask The FTC urges home shoppers to inquire 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.

Make Your Move with a Home Loan in Syracuse, NY

The ball is in your court at this point! Analyze your mortgage offers and choose the option that's right for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand the drawbacks and advantages 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. Consider it a more formal version of your previous estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Close on a Home in Syracuse, NY

Once your home loan is approved by the lender, it's time to close on the home you want in Syracuse! 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 your state, you might have to bring in a Syracuse closing attorney to be there when you sign your loan docs. You never have to worry about your closing date flying by and leaving you in a pinch. 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 Syracuse, and it's time to celebrate. Your Syracuse 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 Syracuse a super easy one.

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Buying a house in Syracuse? Mr. Cooper makes it easier.

Mr. Cooper works to save buyers money at every stage of their journey, from real estate commissions to closing costs.