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Get to Know the Mortgage Process in East Stroudsburg, PA

Whether you're buying your first home in East Stroudsburg or your seventh on the other side of Pennsylvania, 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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East Stroudsburg, PA Mortgage and Home Loan Process

Being a homeowner — it's an ambition that we all share! And it's an endeavor that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in East Stroudsburg, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you to identify the right options for your needs.

Our mortgage professionals can even lend a helping hand as you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected real estate agents who assist with home buying and selling.. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. It's the site to visit if you need to find a East Stroudsburg 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).

Before we get too far down the rabbit hole… You're interested in the home loan process in Pennsylvania. 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. 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. These facts apply to the home loan preparation process everywhere, not just in East Stroudsburg, PA.

The East Stroudsburg home market is a competitive one, 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 East Stroudsburg

Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or will you be planting some deep roots in East Stroudsburg? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate doesn't change with a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in East Stroudsburg. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, 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.

Then, follow your East Stroudsburg lender's loan application process. The process varies from lender to lender. Generally, however, you'll need to give the following info: 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.

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the East Stroudsburg mortgage process 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 recommends home buyers to ask about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.

Make Your Move with a Home Loan in East Stroudsburg, PA

The choice is up to you! Analyze your mortgage offers and pick the option that's right for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you evaluate 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 East Stroudsburg or elsewhere. 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.

Close on a Home in East Stroudsburg, PA

After your mortgage is approved, it's go-time for buying your East Stroudsburg house! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you might have to bring in a East Stroudsburg closing attorney to be there when you sign your loan docs. 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 reached the end of the home loan process in East Stroudsburg, and it's time to get your keys. You are a homeowner in East Stroudsburg! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in East Stroudsburg a super easy one.

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