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Get to Know the Mortgage Process in Lakewood, WA

Are you a first-time Washington homebuyer? Or, maybe you're new to Lakewood 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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Lakewood, WA Mortgage and Home Loan Process

Being a homeowner — it's an aspiration that unites us from coast to coast! And it's a process that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Lakewood, WA. Our mortgage professionals will get to know your particular situation to identify the right options for your needs.

We're here to help make your Washington move an easy one, starting with the first time you search for a Lakewood home loan. can even help out when you start your house hunt. They can get you started with Mr. Cooper® Agent Assurance, a large group of industry-leading real estate agents who know home sales inside and out. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. On the MLS site, you can compare Lakewood homes, check your home’s value, and set up Home Alerts to find your dream home. And get this — if you buy a home with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).

Before we get too far down the rabbit hole… 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. In addition, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. These facts apply to the home loan preparation process everywhere, not just in Lakewood, WA.

Houses in Lakewood seem to move off the market just as fast as they come on, and you'll want to take action quickly — particularly if you're on a tight timeline. We get it! Here are a few of the most important steps in the WA mortgage loan process.

Start by thinking about how long you'll be in your new home. Are you just passing through Lakewood on your way to your forever home? Or will you be planting some deep roots in Lakewood? If you plan on sticking around for a long time, you might consider a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Lakewood. Adjustable-rate loans have a fixed rate for some time. After that deadline, 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 Lakewood 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, credit check authorization, the address of the home you'd like to buy, purchase contract, banking information, and the amount you'd like to borrow.

Next up? A loan estimate from your lender! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. A quick note: the loan estimate isn't your final Lakewood mortgage. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Lakewood with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter carries weight with realtors and home sellers because it shows you are serious and can buy a home. Not every lender offers Verified Approval letters as Mr. Cooper does.

Ask questions during the home loan process! The FTC advises that you should also ask each lender 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 Lakewood, WA

You're in control now! Compare your mortgage offers and select the offer that's good for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand the pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send 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 could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

At Your Mortgage Closing in Lakewood, WA

Once your home loan is approved, it's time to close on the home you want in Lakewood! During this step of the mortgage process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on your location, you may also be required to work with a closing attorney in Lakewood who will schedule a time with you to sign your loan documents. Don't worry about missing your closing date, either. 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 Lakewood, and it's time to celebrate. Your Lakewood house is now your home! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Lakewood a super easy one.

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