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Get to Know the Home Loan Process in Newington, VA

Whether you're buying your first home in Newington or your seventh on the other side of Virginia, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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Newington, VA: A Home Loan Process That's Unique to You

Owning a home — it's a goal that unites us from coast to coast! And it's something that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Newington, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.

We're here to help make your Virginia move an easy one, starting with the first time you search for a Newington home loan. can even help out when you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading real estate agents who know home sales inside and out. 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 Newington, 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 ahead of ourselves. You're here to learn more about moving in Virginia 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. What's more, 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 Newington and beyond.

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

Start by thinking about how long you'll be in your new home. Are you just passing through Newington on your way to your forever home? Or is this where you'll be raising your family? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Newington. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.

Next, follow your Newington lender's loan application process. The process can vary a bit between lenders. Generally, however, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.

Next up? A loan estimate from your lender! 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 Newington. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.

Partner with Mr. Cooper to complete the Newington mortgage process and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can afford to borrow! 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.

Just ask! It's normal to have questions about 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 Newington, VA

The choice is up to you! Review your mortgage offers and select the option that's right for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand 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 Virginia. 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.

At Your Mortgage Closing in Newington, VA

Once your home loan is approved by the lender, it's time to close on your dream house in Newington! At this stage of the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on your location, you might have to bring in a Newington closing attorney to be there when you sign your loan docs. 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Newington, and it's time to roll out the welcome mat. You're the proud owner of a house (or apartment or condo or townhome!) in Newington. And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Newington super straightforward.

Mr. Cooper Reviews from Real Customers in Newington, VA

Take it from these Mr. Cooper home buyers in Newington, VA: We love helping homeowners. Call now to see how we can serve you.

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