Camas, WA Mortgage and Home Loan Process
Being a homeowner — it's a goal that we all share! And it's something 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 Camas, WA. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.
Our mortgage professionals can even lend a helping hand as you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Camas homes, check your home’s value, and set up Home Alerts to find your dream home. 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).
But we're getting ahead of ourselves. You want more information about moving to Washington and going through the mortgage process in Camas! 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. 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 Camas, WA.
The Camas real estate scene is a busy one, and you will likely want to act fast — even more so if you've found your dream home. We get it! Here is a summary of the essential steps when applying for a mortgage in Camas
First, ask yourself: How long do you plan on living in this house? Are you just passing through Camas on your way to your forever home? 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. 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 Camas. Adjustable-rate loans have a fixed rate for some time. When that period is over, the rate can adjust at specific intervals. A mortgage professional can help you choose the right loan program during the prequalification phase.
Then, follow your Camas lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll need to provide the following information: 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 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 an estimate, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Camas 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 buy. This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Just ask! It's normal to have questions about the home loan process. The FTC urges home shoppers to inquire 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 Camas, WA
The choice is up to you! Compare your mortgage offers and choose the option that's right for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you evaluate the benefits and drawbacks 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 Washington. 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.
At Your Mortgage Closing in Camas, WA
Once your home loan is approved, it's time to close on your dream house in Camas! 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 Camas 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*.
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 Camas, and it's time to roll out the welcome mat. You are a homeowner in Camas! 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 Camas a super easy one.