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Get to Know the Home Loan Process in Pottsville, PA

Are you a first-time Pennsylvania homebuyer? Or, maybe you're new to Pottsville 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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Pottsville, PA: A Home Loan Process That's Unique to You

Owning a home — it's an ambition that unites us from coast to coast! And it's something that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Pottsville, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the right options for your needs.

Our crew can even help you out as you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected real estate agents who know home sales inside and out. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. Here, you can search for a home in Pottsville, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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).

But we're getting too deep into the weeds. You're interested in the home loan process in Pennsylvania. At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. In addition, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. Considering these facts is part of the home loan preparation process in Pottsville and beyond.

The Pottsville real estate scene is a busy one, and you will likely want to act fast — even more so if you're on a tight timeline. We understand! Follow these important steps in the Pennsylvania home loan process.

First, ask yourself: How long do you plan on living in this house? Do you plan on living in it for a few years and then renting it out? Or is this where you'll be raising your family? 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 Pottsville. Adjustable-rate loans have a fixed rate for some time. When that period is over, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Next, submit your Pottsville lender's home loan application. The process varies from lender to lender. Still, in general, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, the amount you want to borrow, and your banking info.

Your lender will then give you a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Pottsville. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.

Work with Mr. Cooper when going through the mortgage process in Pottsville 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 your lender! The more questions you ask The FTC recommends home buyers to ask about any special programs, additional fees, the loan's annual percentage rate (APR), and whether the quoted rate is the lowest for that week or day.

The Final Step for a Home Mortgage in Pottsville, PA

The choice is up to you! 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 drawbacks and advantages 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 Pottsville 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 Pottsville, PA

Once your home loan is approved, it's time to close on the home you want in Pottsville! At this stage of the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your state, you may also be required to work with a closing attorney in Pottsville who will schedule a time with you to sign your loan documents. You never have to worry about your closing date flying by and leaving you in a pinch. 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 completed the mortgage process in Pottsville, and it's time to celebrate. Your Pottsville house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Pottsville a super easy one.

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