Bellingham, WA: A Home Loan Process That's Unique to You
Being a homeowner — it's a mission that we all share! And it's a process that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Bellingham, WA. Our mortgage professionals can help you work through your unique situation and suggest the best options for you at every turn.
Our crew can even lend a helping hand as you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-leading 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 Bellingham 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 want more information about moving to Washington and going through the mortgage process in Bellingham! 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. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. This information applies whether you're going through the home loan preparation process in Bellingham or anywhere else. How to Apply for a Home Loan in Bellingham, WA Steps to Complete the Mortgage Process in Bellingham, WA How to Apply for a Mortgage in Bellingham, WA
The Bellingham home market is a competitive one, and you probably want to move fast — especially if you found a house you can't live without. We've been there, too! Follow these important steps in the Washington home loan process.
First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? 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 plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Bellingham. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that date, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
After, follow your Bellingham lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll need to give the following info: 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.
Your lender will then give you a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: the loan estimate isn't your final Bellingham mortgage. It's a bit of preview, and you can get multiple loan estimates to compare and select the right loan for you.
Work with Mr. Cooper when going through the mortgage process in Bellingham and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can borrow! 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 advises that you should also ask each lender 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.
Seal the Deal with a Home Mortgage in Bellingham, WA
You're in control now! Compare your mortgage offers and pick the offer that's good for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you understand the benefits and drawbacks of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Washington. A Closing Disclosure is a more formal write-up of your initial estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
At Your Mortgage Closing in Bellingham, WA
After your mortgage is approved, it's time to close on the home you want in Bellingham! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on where you live, you could be required to work with a Bellingham closing attorney. They'll book 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*.
You're in the home stretch once you've signed the documents! You've completed the mortgage process in Bellingham, and it's time to get your keys. You are a homeowner in Bellingham! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Bellingham mortgage process an easy one.