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Get to Know the Home Loan Process in Aberdeen, WA

Are you a first-time Washington homebuyer? Or, maybe you're new to Aberdeen 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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Aberdeen, WA Mortgage and Home Loan Process

Living in a house that's yours, all yours — it's a wish that unifies all kinds of people! And it's something that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Aberdeen, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation and recommend the best options for you at every turn.

Our team can even lend a helping hand as you start your house hunt. 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 Aberdeen homes, check your home’s value, and set up Home Alerts to find 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 too deep into the weeds. You want more information about moving to Washington and going through the mortgage process in Aberdeen! Why do people need home loans to begin with? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. In addition, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. Considering these facts is part of the home loan preparation process in Aberdeen and beyond.

Houses in Aberdeen 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're on a tight timeline. We understand! Here are a few of the most important steps in the WA mortgage loan process.

Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? If you plan on sticking around for a long time, you might consider a fixed-rate loan. 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 Aberdeen. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, the rate can adjust at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

Then, follow your Aberdeen lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll have to provide the following details: Social Security numbers, pay stubs, 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.

Next up? A loan estimate from your lender! 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 Aberdeen. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.

Partner with Mr. Cooper to complete the Aberdeen mortgage process and we'll review your information and provide you with a Verified Approval letter, which is a very accurate estimate of what you could buy. This letter shows home sellers and realtors you are a serious buyer. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

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

Make Your Move with a Home Loan in Aberdeen, WA

The ball is in your court at this point! Review your mortgage offers and choose 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 drawbacks and advantages of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in Aberdeen or elsewhere. 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.

Close on a Home in Aberdeen, WA

Once your home loan is approved by the lender, it's time to close on your dream house in Aberdeen! At this point in the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you may also be required to work with a closing attorney in Aberdeen who will schedule a time with you to sign your loan documents. 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've arrived. You finished the home loan process in Aberdeen, and it's time to get your keys. Your Aberdeen house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Aberdeen mortgage process an easy one.

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