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Get to Know the Home Loan Process in Portsmouth, VA

Whether you're buying your first home in Portsmouth 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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The Right Way to Start Your Portsmouth, VA Mortgage Process

Living in a house that's yours, all yours — it's a goal that unifies all kinds of people! And it's a process that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Portsmouth, then keep reading and give Mr. Cooper a call. 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 Portsmouth home loan. can even lend a helping hand as you kick off the search for a home. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed real estate agents who assist with home buying and selling.. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Portsmouth 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 too deep into the weeds. You're interested in the home loan process in Virginia. Why might a person need a home loan in the first place? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. Considering these facts is part of the home loan preparation process in Portsmouth and beyond.

The Portsmouth home market is a competitive one, and you will likely want to act fast — particularly if you've found your dream home. We understand! Here are a few of the most important steps in the VA mortgage loan process.

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 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. 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 Portsmouth. Adjustable-rate loans have a fixed rate for some 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.

After, submit your Portsmouth lender's home loan application. The process can vary a bit between lenders. Usually, though, you'll need to provide the following information: pay stubs, Social Security numbers, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking details, and the amount of money you're looking 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. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Portsmouth. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Work with Mr. Cooper when going through the mortgage process in Portsmouth 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.

Ask your lender! The more questions you ask The FTC recommends home buyers to ask 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.

Seal the Deal with a Home Mortgage in Portsmouth, VA

The ball is in your court at this point! Review your mortgage offers and choose the offer that's good for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you evaluate the pros and cons of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Virginia. 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.

At Your Mortgage Closing in Portsmouth, VA

Once your home loan is approved, it's go-time for buying your Portsmouth house! At this point in the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Portsmouth 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*.

You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Portsmouth, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Portsmouth. And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Portsmouth mortgage process an easy one.

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Buying a house in Portsmouth? Mr. Cooper makes it easier.

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