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Get to Know the Home Loan Process in Bellevue, WA

Whether you're buying your first home in Bellevue or your seventh on the other side of Washington, 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 Bellevue, WA Mortgage Process

Living in a house that's yours, all yours — it's an aspiration that unites us from coast to coast! And it's a process that you can get assistance with along the way. If you're curious about the process of getting a mortgage in Bellevue, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation and recommend the best options for you at every turn.

Our crew can even help out when you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-respected real estate agents who assist with home buying and selling.. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Bellevue home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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 here to learn more about moving in Washington and the overall mortgage process. At a basic level, why do people get home loans? A home loan makes it so much easier to buy a house and can also offer tax benefits in some situations. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. This information applies whether you're going through the home loan preparation process in Bellevue or anywhere else.   How to Apply for a Home Loan in Bellevue, WA   Steps to Complete the Mortgage Process in Bellevue, WA How to Apply for a Mortgage in Bellevue, WA

Houses in Bellevue seem to move off the market just as fast as they come on, and you will likely want to act fast — especially if you found a house you can't live without. We understand! Here is a summary of the essential steps when applying for a mortgage in Bellevue

First, ask yourself: How long do you plan on living in this house? Do you plan on living in it for a few years and then renting it out? 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 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 Bellevue. Adjustable-rate loans have a fixed rate for some time. When that period is over, the rate can go up or down at specific intervals. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.

Next, complete your WA lender's loan application process. The process can vary a bit between lenders. Still, in general, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, the amount you want to borrow, and your banking info.

From there, your lender will provide you with a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.

Partner with Mr. Cooper to complete the Bellevue 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 means a lot to home sellers and realtors because it shows you can buy a home. You're not just browsing! Not every lender offers Verified Approval letters as Mr. Cooper does.

Ask your lender! The more questions you ask The FTC advises that you should also ask each lender 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.

The Final Step for a Home Mortgage in Bellevue, WA

The ball is in your court at this point! Analyze your mortgage offers and choose 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 even help you weigh the pros and cons 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 Washington. A Closing Disclosure is a more formal write-up of your initial estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

At Your Mortgage Closing in Bellevue, WA

After your mortgage is approved, it's time to close on your dream house in Bellevue! During this step of the mortgage process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on your state, you may also be required to work with a closing attorney in Bellevue 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 reached the end of the home loan process in Bellevue, and it's time to celebrate. You are a homeowner in Bellevue! And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Bellevue a super easy one.

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