The Right Way to Start Your Lakeland South, WA Mortgage Process
Owning a home — it's an ambition that we all share! And it's a process that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Lakeland South, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation to identify the best loan options and terms for your circumstances.
From immersing yourself in the culture of Lakeland South's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Washington. can even help out when you start your house hunt. They can connect you to Mr. Cooper® Agent Assurance, a network of well-known, licensed real estate agents who know home sales inside and out. 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 Lakeland South 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).
Before we get too far down the rabbit hole… You're interested in the home loan process in Washington. 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. 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 Lakeland South and beyond.
The Lakeland South home market is a competitive one, and you will likely want to act fast — especially if you're on a tight timeline. We know what that's like! Here are a few of the most important steps in the WA mortgage loan process.
First, ask yourself: How long do you plan on living in this house? Are you just passing through Lakeland South on your way to your forever home? Or is this where you'll be raising your family? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. 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 Lakeland South mortgage. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. 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.
Next, follow your Lakeland South lender's loan application process. The process varies from lender to lender. Still, in general, you'll have to provide the following details: income sources, pay stubs, Social Security numbers, purchase contract, credit check authorization, the address of the property you'd like to buy, banking details, and the amount of money you're looking to borrow.
Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Lakeland South. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Lakeland South 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 carries weight with realtors and home sellers because it shows you are serious and can buy a home. Some lenders offer Verified Approval letters like Mr. Cooper, but not all.
Ask questions during the home loan process! The FTC urges home shoppers to inquire about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.
Make Your Move with a Home Loan in Lakeland South, WA
You're in control now! Compare your mortgage offers and select the option that's right for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you evaluate the pros and cons 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. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
Close on a Home in Lakeland South, WA
After your mortgage is approved, it's go-time for buying your Lakeland South house! At this point in the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your state, you could be required to work with a Lakeland South 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 Lakeland South, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Lakeland South. Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Lakeland South a super easy one.