Federal Way, WA Mortgage and Home Loan Process
Living in a house that's yours, all yours — it's a hope that unites us from coast to coast! 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 Federal Way, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation and suggest the best loan options and terms for your circumstances.
Our team can even help out when you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization 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. On the MLS site, you can compare Federal Way homes, check your home’s value, and set up Home Alerts to find your dream home. 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 ahead of ourselves. You're here to learn more about moving in Washington and the overall mortgage process. Why might a person need a home loan in the first place? A home loan makes the home buying experience easier! Depending on the situation, it can also offer tax advantages. What's more, 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 Federal Way and beyond.
Houses in Federal Way seem to move off the market just as fast as they come on, and you'll want to take action quickly — 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 Federal Way
Start by thinking about how long you'll be in your new home. 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? 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're planning on being in and out fast, then you might want to go the adjustable-rate route for your Federal Way mortgage. On adjustable-rate loans, the interest rate is fixed for a set amount of time. When that period is over, 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.
After, complete your WA lender's loan application process. The process varies from lender to lender. Still, in general, you'll need to give the following info: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, banking details, and the amount of money you're looking to borrow.
Next up? A loan estimate from your lender! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: your loan estimate doesn't mean you've been approved or denied for a mortgage in Federal Way. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.
Work with Mr. Cooper when going through the mortgage process in Federal Way 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 all lenders offer 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 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 Federal Way, WA
You're in control now! Analyze your mortgage offers and pick the one that's best 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. 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. 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.
Close on a Home in Federal Way, WA
Once your home loan is approved by the lender, it's time to close on your dream house in Federal Way! 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 might have to bring in a Federal Way closing attorney to be there when you sign your loan docs. 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 reached the end of the home loan process in Federal Way, and it's time to celebrate. You are a homeowner in Federal Way! Does that all sound too easy? Call Mr. Cooper. We're on a mission to make the mortgage process in Federal Way super straightforward.