What to Know Before Buying a Home in Federal Way, WA

Busy? Have us call you back. Call Me Back

More Information

Exploring Federal Way, WA From North to South

Ready to lay down some roots and buy a house in Federal Way? Great idea! You picked a colorful city with an ideal amount of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers across the country and have the inside scoop on Federal Way's housing scene.

Given all of Washington's growth, Federal Way homes aren't always easy to find at a comfortable price. Ongoing support for local businesses and cultural growth have helped to entice young families, new businesses, and retirees to the Federal Way area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Federal Way and the surrounding areas still offer a wide range of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When buying a home in Federal Way, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Discovering different parts of Federal Way will help you see how the northern part differs from the southern part, where to find Federal Way's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Federal Way? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and work to make the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in Washington or somewhere else entirely. We support first-time homeowners and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Federal Way.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Federal Way. After that, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Federal Way will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, look at how much money you can put toward a down payment. Putting at least 20% down will increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, the required down payment will depend on the type of loan you get. Here's where it can help to get prequalified for a mortgage. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!

Move Up and Out: Buying Your Dream House in Federal Way, WA

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like Federal Way. Contact Mr. Cooper as you prepare to buy a house in Federal Way. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

Federal Way, WA Mr. Cooper Customer Reviews

Read actual reviews from actual Mr. Cooper customers in Federal Way, WA. Then call us to see how we can help you.

Simplify the home buying or selling process in Federal Way with Mr. Cooper.

Work with Mr. Cooper and get the support you need to make the home buying or selling process smoother.