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Get to Know the Home Loan Process in Mountlake Terrace, WA

Are you a first-time Washington homebuyer? Or, maybe you're new to Mountlake Terrace 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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Mountlake Terrace, WA: A Home Loan Process That's Unique to You

Living in a house that's yours, all yours — it's an ambition that unites us from coast to coast! And it's a process that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Mountlake Terrace, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals can help you work through your unique situation and recommend the best loan options and terms for your circumstances.

From immersing yourself in the culture of Mountlake Terrace's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Washington. can even lend a helping hand as you begin your hunt for a new house. They can get you started with Mr. Cooper® Agent Assurance, a large group 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. It's the site to visit if you need to find a Mountlake Terrace home, monitor neighborhood trends, and set up Home Alerts so you don’t miss a thing. 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).

But we're getting too deep into the weeds. 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 it so much easier to buy a house and can also offer tax benefits in some situations. Plus, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. Considering these facts is part of the home loan preparation process in Mountlake Terrace and beyond.

The Mountlake Terrace real estate scene is a busy one, and you will likely want to act fast — even more so if you're on a tight timeline. We've been there, too! 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 Mountlake Terrace 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 Mountlake Terrace. Adjustable-rate loans have a fixed rate for some 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.

Next, complete your WA lender's loan application process. Every lender has a somewhat different process. Usually, though, you'll need to give the following info: Social Security numbers, pay stubs, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, banking information, and the amount you'd like to borrow.

Your lender will then give you a loan estimate. The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's a bit of preview, and you can seek out multiple estimates to find the absolute best option for you.

Go through the mortgage process in Mountlake Terrace with Mr. Cooper and we'll look at your situation and give you a Verified Approval letter — a super-accurate estimate of what you can borrow! 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 urges home shoppers to inquire 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.

The Final Step for a Home Mortgage in Mountlake Terrace, WA

You're in control now! Compare your mortgage offers and pick the offer that's good for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can help you evaluate the drawbacks and advantages 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. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.

Close on a Home in Mountlake Terrace, WA

After your mortgage is approved, it's go-time for buying your Mountlake Terrace house! At this point in the home loan process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you might have to bring in a Mountlake Terrace 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*.

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 Mountlake Terrace, and it's time to roll out the welcome mat. You are a homeowner in Mountlake Terrace! Does that all sound too easy? Call Mr. Cooper. We do our best to make the home loan process in Mountlake Terrace a super easy one.

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