The Right Way to Start Your Medford, OR Mortgage Process
Owning a home — it's an aspiration that unites us from coast to coast! And it's an endeavor that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Medford, OR. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.
We're here to help make your Oregon move an easy one, starting with the first time you search for a Medford home loan. can even lend a helping hand 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 know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Medford home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 want more information about moving to Oregon and going through the mortgage process in Medford! Why do people need home loans to begin with? 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. This information applies whether you're going through the home loan preparation process in Medford or anywhere else. How to Apply for a Home Loan in Medford, OR Steps to Complete the Mortgage Process in Medford, OR How to Apply for a Mortgage in Medford, OR
Houses in Medford 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've found your dream home. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Medford
Start by thinking about how long you'll be in your new home. Are you just passing through Medford on your way to your forever home? Or will you be planting some deep roots in Medford? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Medford. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. When that period is over, 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, complete your OR lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll need to provide the following information: pay stubs, Social Security numbers, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking to borrow.
Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Medford. It's a bit of preview, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in Medford with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. 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 the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.
The Final Step for a Home Mortgage in Medford, OR
You're in control now! Review your mortgage offers and choose the one that's best for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you understand the pros and cons 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 Medford 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.
Close on a Home in Medford, OR
After your mortgage is approved, it's go-time for buying your Medford house! At this point in the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on where you live, you might have to bring in a Medford closing attorney to be there when you sign your loan docs. 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*.
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 Medford, and it's time to celebrate. You are a homeowner in Medford! 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 Medford a super easy one.