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Get to Know the Home Loan Process in Washington, PA

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

Living in a house that's yours, all yours — it's an aspiration that we all share! And it's a process that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Washington, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.

From your initial Washington loan search to prequalification to closing, we're here to help you make your move in Pennsylvania! can even help out when you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading real estate agents who assist with home buying and selling.. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. It's the site to visit if you need to find a Washington home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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).

Before we get too far down the rabbit hole… You're interested in the home loan process in Pennsylvania. 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. In addition, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in Washington, PA.

The Washington real estate scene is a busy one, and you probably want to move fast — especially if you're on a tight timeline. We get it! Here is a summary of the essential steps when applying for a mortgage in Washington

Begin by considering how long you'll be at your new home. 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. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you're planning on being in and out fast, then you might want to go the adjustable-rate route for your Washington mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. 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.

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

From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Washington. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.

Go through the mortgage process in Washington with Mr. Cooper 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 questions during the home loan process! The FTC urges home shoppers to inquire 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 Washington, PA

The choice is up to you! Compare your mortgage offers and pick 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 pros and cons of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Pennsylvania. 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.

Close on a Home in Washington, PA

Once your home loan is approved, it's time to close on your dream house in Washington! 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 where you live, you could be required to work with a Washington closing attorney. They'll book time with you to sign your loan documents. 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*.

You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in Washington, and it's time to roll out the welcome mat. You are a homeowner in Washington! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Washington mortgage process an easy one.

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