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Get to Know the Mortgage Process in Franklin Park, PA

Are you a first-time Pennsylvania homebuyer? Or, maybe you're new to Franklin Park 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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Franklin Park, PA Mortgage and Home Loan Process

Living in a house that's yours, all yours — it's an ambition that we all share! And it's a process 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 Franklin Park, PA. Our mortgage professionals can help you work through your unique situation to identify the best options for you at every turn.

Our team can even help out when you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading real estate agents who know home sales inside and out. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Franklin Park home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 ahead of ourselves. You want more information about moving to Pennsylvania and going through the mortgage process in Franklin Park! Why do people need home loans to begin with? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. In addition, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. This information applies whether you're going through the home loan preparation process in Franklin Park or anywhere else.   How to Apply for a Home Loan in Franklin Park, PA   Steps to Complete the Mortgage Process in Franklin Park, PA How to Apply for a Mortgage in Franklin Park, PA

Houses in Franklin Park 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've been there, too! Follow these important steps in the Pennsylvania home loan process.

Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? If you plan on sticking around for a long time, you might consider a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Franklin Park. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. 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, follow your Franklin Park lender's loan application process. The process can vary a bit between lenders. Generally, however, you'll need to give the following info: income sources, pay stubs, Social Security numbers, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.

From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that the loan estimate isn't your final Franklin Park mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.

Work with Mr. Cooper when going through the mortgage process in Franklin Park and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could afford. 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 questions during the home loan process! 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.

The Final Step for a Home Mortgage in Franklin Park, PA

The ball is in your court at this point! 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 pros and cons 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 Franklin Park or elsewhere. The Disclosure is more formal documentation of your first estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.

Closing on a House in Franklin Park, PA

After your mortgage is approved, it's time to close on your dream house in Franklin Park! At this stage of the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you might have to bring in a Franklin Park 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 completed the mortgage process in Franklin Park, and it's time to get your keys. You are a homeowner in Franklin Park! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Franklin Park mortgage process an easy one.

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