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Process for Getting a Mortgage in Valley Stream , NY

Is there any way to make the Valley Stream mortgage process easier? You bet! Partner with Mr. Cooper and learn more about the steps to getting a home loan in Valley Stream, NY.

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Valley Stream, NY: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's a mission that unites us from coast to coast! And it's an endeavor that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Valley Stream, NY. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.

We're here to help make your New York move an easy one, starting with the first time you search for a Valley Stream home loan. 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-respected 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. Here, you can search for a home in Valley Stream, 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 ahead of ourselves. You're here to learn more about moving in New York and the overall mortgage process. Why might a person need a home loan in the first place? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. 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 Valley Stream and beyond.

Houses in Valley Stream seem to move off the market just as fast as they come on, and you will likely want to act fast — even more so if you're on a tight timeline. We understand! 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. Are you just passing through Valley Stream on your way to your forever home? Or will you be enjoying your golden years in this house? 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 this home is going to be a quick stopover, look at an adjustable-rate mortgage in Valley Stream. Adjustable-rate loans have a fixed rate for some time. After that deadline, 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.

After, follow your Valley Stream lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll have to provide the following details: pay stubs, Social Security numbers, 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! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Remember that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Partner with Mr. Cooper to complete the Valley Stream 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 carries weight with realtors and home sellers because it shows you are serious and can afford a home. Not every lender offers Verified Approval letters as Mr. Cooper does.

Ask your lender! The more questions you ask The FTC advises that you should also ask each lender 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 Valley Stream, NY

The choice is up to you! Analyze your mortgage offers and pick 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 benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send 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.

Closing on a House in Valley Stream, NY

Once your home loan is approved, it's time to close on the home you want in Valley Stream! 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 may also be required to work with a closing attorney in Valley Stream who will schedule a time with you to sign your loan documents. 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Valley Stream, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Valley Stream. 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 Valley Stream a super easy one.

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