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Get to Know the Home Loan Process in Edmonds, WA

Are you a first-time Washington homebuyer? Or, maybe you're new to Edmonds 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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The Right Way to Start Your Edmonds, WA Mortgage Process

Living in a house that's yours, all yours — it's an ambition that unifies all kinds of people! And it's a process that you can get help with from start to finish. If you find yourself wondering what the home loan process is like in Edmonds, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and suggest the best loan options and terms for your circumstances.

Our mortgage professionals can even lend a helping hand as you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected 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. On the MLS site, you can compare Edmonds 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're interested in the home loan process in Washington. 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. Plus, 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 Edmonds and beyond.

The Edmonds home market is a competitive one, and you will likely want to act fast — especially if you found a house you can't live without. We know what that's like! Follow these important steps in the Washington home loan process.

Begin by considering how long you'll be at your new home. Are you just passing through Edmonds on your way to your forever home? Or will you be planting some deep roots in Edmonds? 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 Edmonds. 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 Edmonds lender's loan application process. Every lender has a somewhat different process. Generally, however, you'll need to provide the following information: income sources, pay stubs, Social Security numbers, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking to borrow.

Your lender will then give you a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Remember that your loan estimate doesn't mean you've been approved or denied for a mortgage in Edmonds. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Partner with Mr. Cooper to complete the Edmonds mortgage process and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter shows home sellers and realtors you are a serious buyer. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask your lender! The more questions you ask The FTC recommends home buyers to ask about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.

The Final Step for a Home Mortgage in Edmonds, WA

The choice is up to you! Analyze your mortgage offers and pick the one that's best for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can even help you weigh the benefits and drawbacks of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Washington. The Disclosure is more formal documentation of your first 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 Edmonds, WA

Once your home loan is approved by the lender, it's time to close on the home you want in Edmonds! During this step of the mortgage process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Edmonds who will schedule a 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Edmonds, and it's time to get your keys. You are a homeowner in Edmonds! And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Edmonds super straightforward.

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