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Get to Know the Home Loan Process in Portsmouth, RI

Are you a first-time Rhode Island homebuyer? Or, maybe you're new to Portsmouth 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 Portsmouth, RI Mortgage Process

Buying a house — it's an aspiration that we all share! And it's an endeavor that you can get help with from start to finish. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Portsmouth, RI. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.

We're here to help make your Rhode Island move an easy one, starting with the first time you search for a Portsmouth home loan. can even help you out as you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization of well-known, licensed real estate agents who can assist with the buying and selling process. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. Here, you can search for a home in Portsmouth, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. 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 too deep into the weeds. You want more information about moving to Rhode Island and going through the mortgage process in Portsmouth! 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 Portsmouth and beyond.

Houses in Portsmouth seem to move off the market just as fast as they come on, and you will likely want to act fast — particularly if you've found your dream home. We get it! Here is a summary of the essential steps when applying for a mortgage in Portsmouth

Start by thinking about how long you'll be in your new home. Are you just passing through Portsmouth on your way to your forever home? Or will you be planting some deep roots in Portsmouth? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Portsmouth mortgage. 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. A mortgage professional can help you choose the right loan program during the prequalification phase.

Next, follow your Portsmouth lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking information, and the amount you'd like 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. A quick note: a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.

Partner with Mr. Cooper to complete the Portsmouth mortgage process and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can borrow! This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer 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.

Seal the Deal with a Home Mortgage in Portsmouth, RI

You're in control now! Compare your mortgage offers and choose 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 even help you weigh the benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Rhode Island. 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.

Closing on a House in Portsmouth, RI

After your mortgage is approved, it's go-time for buying your Portsmouth house! During this step of the mortgage process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your state, you might have to bring in a Portsmouth 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've arrived. You finished the home loan process in Portsmouth, and it's time to get your keys. You are a homeowner in Portsmouth! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Portsmouth mortgage process an easy one.

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