Lancaster, PA Mortgage and Home Loan Process
Owning a home — it's a dream that we all share! And it's an endeavor that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Lancaster, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and recommend the best options for you at every turn.
Our team can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected 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. On the MLS site, you can compare Lancaster homes, check your home’s value, and set up Home Alerts to find your dream home. But the savings don't stop there. Purchase a house with a Mr. Cooper mortgage and we'll pay for your actual move (up to 50 miles).
But we're getting ahead of ourselves. You're here to learn more about moving in Pennsylvania and the overall mortgage process. 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. 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. Considering these facts is part of the home loan preparation process in Lancaster and beyond.
The Lancaster real estate scene is a busy one, and you'll want to take action quickly — especially if you're on a tight timeline. We've been there, too! Here are a few of the most important steps in the PA mortgage loan process.
Begin by considering how long you'll be at your new home. Are you just passing through Lancaster on your way to your forever home? Or will you be planting some deep roots in Lancaster? If you're going to be in the house for years and years, look into 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 Lancaster. 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. A mortgage professional can help you choose the right loan program during the prequalification phase.
Next, submit your Lancaster lender's home loan application. The process can vary a bit between lenders. Still, in general, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, the amount you want to borrow, and your banking info.
Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that the loan estimate isn't your final Lancaster mortgage. It's an estimate, and you can get multiple loan estimates to compare and select the right loan for you.
Partner with Mr. Cooper to complete the Lancaster mortgage process and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter means a lot to home sellers and realtors because it shows you can afford a home. You're not just browsing! Not every lender offers Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! 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.
Make Your Move with a Home Loan in Lancaster, PA
You're in control now! Analyze your mortgage offers and pick the one that's best for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you understand the drawbacks and advantages of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. It's a standard part of the home loan process, whether you live in Lancaster or elsewhere. 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 Lancaster, PA
Once your home loan is approved by the lender, it's time to close on your dream house in Lancaster! During this step of the mortgage process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you may also be required to work with a closing attorney in Lancaster who will schedule a time with you to sign your loan documents. 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 Lancaster, and it's time to roll out the welcome mat. You are a homeowner in Lancaster! 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 Lancaster a super easy one.