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Get to Know the Home Loan Process in Seattle, WA

Whether you're buying your first home in Seattle or your seventh on the other side of Washington, you have a friend in the home loan process. Mr. Cooper is the nation's fourth-largest mortgage servicer and can help you every step of the way.

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Seattle, WA Mortgage and Home Loan Process

Owning a home — it's an ambition that unifies all kinds of people! And it's an endeavor that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Seattle, then keep reading and give Mr. Cooper a call. Our mortgage professionals will get to know your particular situation and suggest the right options for your needs.

Our crew can even help out when 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 know home sales inside and out. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. Here, you can search for a home in Seattle, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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).

But we're getting ahead of ourselves. 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. In addition, 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 Seattle or anywhere else.   How to Apply for a Home Loan in Seattle, WA   Steps to Complete the Mortgage Process in Seattle, WA How to Apply for a Mortgage in Seattle, WA

Houses in Seattle seem to move off the market just as fast as they come on, and you probably want to move fast — particularly if you found a house you can't live without. We've been there, too! Here are a few of the most important steps in the WA mortgage loan process.

Begin by considering how long you'll be at your new home. Is this a soon-to-be investment property? Or will you be planting some deep roots in Seattle? 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 you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Seattle. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that deadline, 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, complete your WA lender's loan application process. The process can vary a bit between lenders. Generally, however, you'll need to give the following info: 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.

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 Seattle. It's a bit of preview, and you can request multiple estimates to find the best loan for you.

Go through the mortgage process in Seattle with Mr. Cooper and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. 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.

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

The choice is up to you! Review your mortgage offers and pick the option that's right 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 drawbacks and advantages 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 Seattle or elsewhere. The Disclosure is more formal documentation of your first estimate. There could be differences between the first estimate and the disclosure. It's fair to ask about these differences.

Closing on a House in Seattle, WA

After your mortgage is approved, it's time to close on the home you want in Seattle! During this step of the mortgage process, your broker and closing attorney are brought in to confirm closing costs. Depending on your location, you may also be required to work with a closing attorney in Seattle 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*.

It's practically time to move in and unpack your boxes once you sign on the dotted line! You've arrived. You finished the home loan process in Seattle, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Seattle. 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 Seattle a super easy one.

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