The Right Way to Start Your Spokane Valley, WA Mortgage Process
Owning a home — it's an aspiration that unifies all kinds of people! And it's a process that you can get help with from beginning to end. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Spokane Valley, WA. Our mortgage professionals can help you work through your unique situation and recommend the best loan options and terms for your circumstances.
We're here to help make your Washington move an easy one, starting with the first time you search for a Spokane Valley home loan. can even help out when you begin your hunt for a new house. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected real estate agents who assist with home buying and selling.. Rather hunt on your own? That's cool, too. You can start with Mr. Cooper StreetSmarts. Here, you can search for a home in Spokane Valley, monitor neighborhood trends, and set up Home Alerts so you don’t miss your dream home. But the savings don't stop there. Purchase a house with a Mr. Cooper mortgage and we'll pay for your actual move (up to 50 miles).
But we're getting ahead of ourselves. You want more information about moving to Washington and going through the mortgage process in Spokane Valley! 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, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. This information applies whether you're going through the home loan preparation process in Spokane Valley or anywhere else. How to Apply for a Home Loan in Spokane Valley, WA Steps to Complete the Mortgage Process in Spokane Valley, WA How to Apply for a Mortgage in Spokane Valley, WA
The Spokane Valley real estate scene is a busy one, and you'll want to take action quickly — particularly if you're on a tight timeline. We get it! Follow these important steps in the Washington home loan process.
First, ask yourself: How long do you plan on living in this house? Are you just passing through Spokane Valley on your way to your forever home? Or is this where you'll be raising your family? If you plan on sticking around for a long time, you might consider a fixed-rate loan. The interest rate on a fixed-rate home loan doesn't change (unless you refinance). But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Spokane Valley. 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. During the pre-qualification phase, your mortgage professional can connect you with the right loan program for your situation.
Next, submit your Spokane Valley lender's home loan application. Every lender has a somewhat different process. Generally, however, you'll have to provide the following details: pay stubs, Social Security numbers, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.
Next up? A loan estimate from your lender! You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. Keep in mind that the loan estimate isn't your final Spokane Valley mortgage. It's an approximate calculation, and you can get multiple loan estimates to compare and select the right loan for you.
Go through the mortgage process in Spokane Valley 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 all lenders offer Verified Approval letters as Mr. Cooper does.
Ask your lender! The more questions you ask The FTC urges home shoppers to inquire about the loan's annual percentage rate, additional fees, special programs, and whether the quoted rate is the lowest for that day or week.
The Final Step for a Home Mortgage in Spokane Valley, WA
The choice is up to you! Analyze your mortgage offers and choose the offer that's good for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can even help you weigh the drawbacks and advantages of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever 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 Spokane Valley, WA
Once your home loan is approved by the lender, it's time to close on the home you want in Spokane Valley! At this point in the home loan process, your closing attorney and broker come into the picture to sign off on the closing costs. Depending on your location, you may also be required to work with a closing attorney in Spokane Valley who will schedule a time with you to sign your loan documents. 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 reached the end of the home loan process in Spokane Valley, and it's time to celebrate. Your Spokane Valley 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 Spokane Valley super straightforward.