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Get to Know the Mortgage Process in Oregon City, OR

Are you a first-time Oregon homebuyer? Or, maybe you're new to Oregon City 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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The Right Way to Start Your Oregon City, OR Mortgage Process

Living in a house that's yours, all yours — it's a hope 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 Oregon City, OR. Our trained mortgage professionals will work alongside you and recommend the best loan options and terms for your circumstances.

Our crew can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network 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. On the MLS site, you can compare Oregon City 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. 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. In addition, 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 Oregon City, OR.

The Oregon City real estate scene is a busy one, and you will likely want to act fast — especially if you've found your dream home. We get it! Follow these important steps in the Oregon 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 Oregon City? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Oregon City. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

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

Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that the loan estimate isn't your final Oregon City 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 Oregon City 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 buy. This letter means a lot to home sellers and realtors because it shows you can buy a home. You're not just browsing! Not all lenders offer Verified Approval letters as Mr. Cooper does.

Ask your lender! The more questions you ask The FTC urges home shoppers to inquire about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.

The Final Step for a Home Mortgage in Oregon City, OR

You're in control now! Review your mortgage offers and select 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 benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Oregon. Consider it a more formal version of your previous 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 Oregon City, OR

After your mortgage is approved, it's time to close on your dream house in Oregon City! During this step of the mortgage process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on where you live, you could be required to work with a Oregon City 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*.

You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Oregon City, and it's time to celebrate. You are a homeowner in Oregon City! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Oregon City super straightforward.

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