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Get to Know the Home Loan Process in Cherry Hill, VA

Are you a first-time Virginia homebuyer? Or, maybe you're new to Cherry Hill 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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Cherry Hill, VA Mortgage and Home Loan Process

Being a homeowner — it's a hope that unites us from coast to coast! And it's an endeavor that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Cherry Hill, VA. Our trained mortgage professionals will work alongside you and recommend the right options for your needs.

We're here to help make your Virginia move an easy one, starting with the first time you search for a Cherry Hill home loan. can even lend a helping hand as you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed 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 Cherry Hill 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 interested in the home loan process in Virginia. 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. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. This information applies whether you're going through the home loan preparation process in Cherry Hill or anywhere else.   How to Apply for a Home Loan in Cherry Hill, VA   Steps to Complete the Mortgage Process in Cherry Hill, VA How to Apply for a Mortgage in Cherry Hill, VA

Houses in Cherry Hill seem to move off the market just as fast as they come on, and you will likely want to act fast — even more so if you've found your dream home. We get it! Follow these important steps in the Virginia home loan process.

Start by thinking about how long you'll be in your new home. Are you just passing through Cherry Hill on your way to your forever home? Or will you be enjoying your golden years in this house? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate stays the same when you have a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Cherry Hill. Adjustable-rate loans have a fixed rate for some 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.

Next, follow your Cherry Hill lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll need to provide the following information: 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.

Next up? A loan estimate from your lender! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember 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.

Work with Mr. Cooper when going through the mortgage process in Cherry Hill 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 every lender offers Verified Approval letters as Mr. Cooper does.

Just ask! It's normal to have questions about the home loan process. The FTC urges home shoppers to inquire about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.

Make Your Move with a Home Loan in Cherry Hill, VA

You're in control now! Review your mortgage offers and select the offer that's good 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 benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Virginia. 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.

At Your Mortgage Closing in Cherry Hill, VA

After your mortgage is approved, it's go-time for buying your Cherry Hill house! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your location, you might have to bring in a Cherry Hill closing attorney to be there when you sign your loan docs. 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*.

You're in the home stretch once you've signed the documents! You've completed the mortgage process in Cherry Hill, and it's time to roll out the welcome mat. You are a homeowner in Cherry Hill! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Cherry Hill mortgage process an easy one.

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