The Right Way to Start Your Mercer Island, WA Mortgage Process
Living in a house that's yours, all yours — it's a wish that we all share! And it's an endeavor that you can get help with from start to finish. If you're curious about the process of getting a mortgage in Mercer Island, keep reading. Then call Mr. Cooper to take your next step. Our trained mortgage professionals will work alongside you to identify the best options for you at every turn.
Our team can even help out when you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of well-known, licensed 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 Mercer Island 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).
Before we get too far down the rabbit hole… You want more information about moving to Washington and going through the mortgage process in Mercer Island! 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. 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. This information applies whether you're going through the home loan preparation process in Mercer Island or anywhere else. How to Apply for a Home Loan in Mercer Island, WA Steps to Complete the Mortgage Process in Mercer Island, WA How to Apply for a Mortgage in Mercer Island, WA
Houses in Mercer Island seem to move off the market just as fast as they come on, and you will likely want to act fast — even more so if you're on a tight timeline. We understand! Here is a summary of the essential steps when applying for a mortgage in Mercer Island
First, ask yourself: How long do you plan on living in this house? Are you just passing through Mercer Island 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 doesn't change with a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Mercer Island. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that date, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
After, follow your Mercer Island lender's loan application process. Every lender has a somewhat different process. Usually, though, 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 details, and the amount of money you're looking to borrow.
Next up? A loan estimate from your lender! You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Mercer Island. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.
Go through the mortgage process in Mercer Island 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 shows home sellers and realtors you are a serious buyer. Not every lender offers Verified Approval letters as Mr. Cooper does.
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.
Seal the Deal with a Home Mortgage in Mercer Island, 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 even help you weigh the benefits and drawbacks of each. Following your selection, your lender may approve your loan and send over a Closing Disclosure. The Closing Disclosure is a normal part of the mortgage process, no matter where you live in Washington. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
Closing on a House in Mercer Island, WA
After your mortgage is approved, it's go-time for buying your Mercer Island house! At this stage of the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Mercer Island 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*.
Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've reached the end of the home loan process in Mercer Island, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Mercer Island. Do the steps seem too simple? Contact Mr. Cooper today. We strive to make the Mercer Island mortgage process an easy one.