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Get to Know the Mortgage Process in Redmond, WA

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

Being a homeowner — it's a hope 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 Redmond, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you to identify the right options for your needs.

From your initial Redmond loan search to prequalification to closing, we're here to help you make your move in Washington! can even lend a helping hand as you kick off the search for a home. 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're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Redmond 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 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 helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. What's more, keeping your bank account full (instead of draining it on a home purchase) can help curb financial stress. These facts apply to the home loan preparation process everywhere, not just in Redmond, WA.

The Redmond 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 get it! Here is a summary of the essential steps when applying for a mortgage in Redmond

Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? 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 Redmond. 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. A mortgage professional can help you choose the right loan program during the prequalification phase.

After, follow your Redmond 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.

Your lender will then give you a loan estimate. 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 Redmond. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.

Go through the mortgage process in Redmond 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 means a lot to home sellers and realtors because it shows you can buy a home. You're not just browsing! Not all lenders offer Verified Approval letters as Mr. Cooper does.

Just ask! It's normal to have questions about the home loan process. The FTC advises that you should also ask each lender 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.

Make Your Move with a Home Loan in Redmond, WA

You're in control now! Review your mortgage offers and select the option that's right for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can help you evaluate the pros and cons 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. A Closing Disclosure is a more formal write-up of your initial 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 Redmond, WA

Once your home loan is approved by the lender, it's go-time for buying your Redmond house! At this stage of the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you might have to bring in a Redmond 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've arrived. You finished the home loan process in Redmond, and it's time to roll out the welcome mat. Your Redmond house is now your home! And if this all sounds too simple to be true, give Mr. Cooper a call. We do our best to make the home loan process in Redmond a super easy one.

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