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Get to Know the Home Loan Process in Hillsboro, OR

Are you a first-time Oregon homebuyer? Or, maybe you're new to Hillsboro and looking to buy a home in the area. Either way, you might have questions about the home loan process. Get answers from Mr. Cooper.

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Hillsboro, OR Mortgage and Home Loan Process

Living in a house that's yours, all yours — it's a wish that we all share! And it's something 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 Hillsboro, OR. Our trained mortgage professionals will work alongside you to identify the right options for your needs.

Our team can even lend a helping hand as you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected real estate agents who can assist with the buying and selling process. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Hillsboro homes, check your home’s value, and set up Home Alerts to find 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).

Before we get too far down the rabbit hole… You're interested in the home loan process in Oregon. 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. In addition, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. Considering these facts is part of the home loan preparation process in Hillsboro and beyond.

Houses in Hillsboro seem to move off the market just as fast as they come on, and you'll want to take action quickly — particularly if you're on a tight timeline. We get it! Here is a summary of the essential steps when applying for a mortgage in Hillsboro

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 Hillsboro? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate doesn't change with 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 Hillsboro mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. 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, complete your OR lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll need to give the following info: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, 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. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Hillsboro. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.

Go through the mortgage process in Hillsboro with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer 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 Hillsboro, OR

You're in control now! Analyze your mortgage offers and select the one that's best 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 benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in Hillsboro or elsewhere. The Disclosure is more formal documentation of your first estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

Close on a Home in Hillsboro, OR

After your mortgage is approved, it's time to close on the home you want in Hillsboro! At this point in the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you could be required to work with a Hillsboro closing attorney. They'll book 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 arrived. You finished the home loan process in Hillsboro, and it's time to get your keys. You are a homeowner in Hillsboro! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Hillsboro super straightforward.

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