Olympia, WA Mortgage and Home Loan Process
Owning a home — it's a hope that unifies all kinds of people! 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 Olympia, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and recommend the best loan options and terms for your circumstances.
From immersing yourself in the culture of Olympia'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 get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed 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 Olympia 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 ahead of ourselves. You're here to learn more about moving in Washington and the overall mortgage process. 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. What's more, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in Olympia, WA.
The Olympia home market is a competitive one, and you'll want to take action quickly — especially if you're on a tight timeline. We get it! Follow these important steps in the Washington home loan process.
Begin by considering how long you'll be at your new home. Do you plan on living in it for a few years and then renting it out? Or will you be planting some deep roots in Olympia? If you're going to be in the house for years and years, look into a fixed-rate loan. Your interest rate doesn't change with a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Olympia. On adjustable-rate loans, the interest rate is fixed for a set amount of time. After that deadline, 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.
Then, follow your Olympia lender's loan application process. The process varies from lender to lender. Generally, however, you'll need to give the following info: income sources, pay stubs, Social Security numbers, the address of the house you'd like to buy, purchase contract, credit check authorization, banking details, and the amount of money you're looking to borrow.
From there, your lender will provide you with a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. Keep in mind that a loan estimate isn't the same thing as a mortgage. It's an approximate calculation, and you can seek out multiple estimates to find the absolute best option for you.
Go through the mortgage process in Olympia 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 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 Olympia, WA
The ball is in your court at this point! Review your mortgage offers and choose 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 pros and cons of each. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. It's a standard part of the home loan process, whether you live in Olympia or elsewhere. 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 Olympia, WA
Once your home loan is approved, it's time to close on the home you want in Olympia! During this step of the mortgage process, your closing attorney and broker are brought in to confirm closing costs. Depending on your location, you might have to bring in a Olympia closing attorney to be there when you sign your loan docs. 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*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Olympia, and it's time to get your keys. Your Olympia house is now your home! Do the steps seem too simple? Contact Mr. Cooper today. We're on a mission to make the mortgage process in Olympia super straightforward.