The Right Way to Start Your Sammamish, WA Mortgage Process
Owning a home — it's a hope that we all share! And it's something that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Sammamish, then keep reading and give Mr. Cooper a call. Our trained mortgage professionals will work alongside you and suggest the best loan options and terms for your circumstances.
From immersing yourself in the culture of Sammamish's neighborhoods to closing on the home you've always wanted, we're here to ease your transition in Washington. can even help you out as you begin your hunt for a new house. They can connect you to Mr. Cooper® Agent Assurance, a network of industry-respected real estate agents who can assist with the buying and selling process. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. It's the site to visit if you need to find a Sammamish 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 interested in the home loan process in Washington. Why do people need home loans to begin with? 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 some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. This information applies whether you're going through the home loan preparation process in Sammamish or anywhere else. How to Apply for a Home Loan in Sammamish, WA Steps to Complete the Mortgage Process in Sammamish, WA How to Apply for a Mortgage in Sammamish, WA
The Sammamish real estate scene is a busy one, and you'll want to take action quickly — especially if you've found your dream home. We know what that's like! Here is a summary of the essential steps when applying for a mortgage in Sammamish
First, ask yourself: How long do you plan on living in this house? Do you plan on living in it for a few years and then renting it out? 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. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Sammamish. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Then, submit your Sammamish lender's home loan application. The process varies from lender to lender. Generally, however, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, purchase contract, credit check authorization, the address of the property you'd like to buy, 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 the loan estimate isn't your final Sammamish mortgage. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.
Partner with Mr. Cooper to complete the Sammamish mortgage process 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 your lender! The more questions you ask The FTC recommends home buyers to ask about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.
The Final Step for a Home Mortgage in Sammamish, WA
You're in control now! Review your mortgage offers and select the option that's right 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 benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. It's a standard part of the home loan process, whether you live in Sammamish or elsewhere. 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 Sammamish, WA
Once your home loan is approved by the lender, it's time to close on your dream house in Sammamish! At this point in the home loan process, your broker and closing attorney are brought in to confirm closing costs. Depending on your state, you might have to bring in a Sammamish 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*.
You're in the home stretch once you've signed the documents! You've reached the end of the home loan process in Sammamish, and it's time to get your keys. You're the proud owner of a house (or apartment or condo or townhome!) in Sammamish. And if this all sounds too simple to be true, give Mr. Cooper a call. We're on a mission to make the mortgage process in Sammamish super straightforward.