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Get to Know the Home Loan Process in White Plains, NY

Whether you're buying your first home in White Plains 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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White Plains, NY Mortgage and Home Loan Process

Living in a house that's yours, all yours — it's a hope that unifies all kinds of people! And it's an endeavor that you can get assistance with along the way. If you're curious about the process of getting a mortgage in White Plains, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation and recommend the right options for your needs.

From your initial White Plains loan search to prequalification to closing, we're here to help you make your move in New York! can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading real estate agents who can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. Here, you can search for a home in White Plains, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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 too deep into the weeds. You're here to learn more about moving in New York and the overall mortgage process. At a basic level, why do people get home loans? 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. These facts apply to the home loan preparation process everywhere, not just in White Plains, NY.

Houses in White Plains seem to move off the market just as fast as they come on, and you probably want to move fast — even more so if you're on a tight timeline. We get it! Follow these important steps in the New York home loan process.

Begin by considering how long you'll be at 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 White Plains? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your White Plains mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that date, 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.

After, submit your White Plains lender's home loan application. The process varies from lender to lender. Still, in general, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, the address of the house you'd like to buy, purchase contract, credit check authorization, banking information, and the amount you'd like to borrow.

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that the loan estimate isn't your final White Plains 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 White Plains 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 questions during the home loan process! 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.

Seal the Deal with a Home Mortgage in White Plains, NY

The ball is in your court at this point! 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 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. It's a standard part of the home loan process, whether you live in White Plains or elsewhere. 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.

Closing on a House in White Plains, NY

Once your home loan is approved by the lender, it's go-time for buying your White Plains house! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on where you live, you could be required to work with a White Plains closing attorney. They'll book time with you to sign your loan documents. 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've reached the end of the home loan process in White Plains, and it's time to get your keys. You are a homeowner in White Plains! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in White Plains super straightforward.

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