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Get to Know the Home Loan Process in Spokane, WA

Are you a first-time Washington homebuyer? Or, maybe you're new to Spokane 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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The Right Way to Start Your Spokane, WA Mortgage Process

Buying a house — it's a mission that we all share! And it's a process that you can get assistance with along the way. Keep reading and give Mr. Cooper a call if you're curious about the home loan process in Spokane, WA. Our trained mortgage professionals will work alongside you and suggest the best options for you at every turn.

From your initial Spokane loan search to prequalification to closing, we're here to help you make your move in Washington! can even help you out as you kick off the search for a home. They can get you started with Mr. Cooper® Agent Assurance, a large group of well-known, licensed real estate agents who know home sales inside and out. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. It's the site to visit if you need to find a Spokane 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 interested in the home loan process in Washington. 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. Plus, having a cash buffer in your bank account (instead of spending it all on a home) can help when life throws you a curveball. These facts apply to the home loan preparation process everywhere, not just in Spokane, WA.

The Spokane real estate scene is a busy one, and you will likely want to act fast — particularly if you've found your dream home. We've been there, too! Follow these important steps in the Washington home loan process.

Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? You might consider a fixed-rate loan if you plan on staying in the house for the long-term. Your interest rate stays the same when you have a fixed-rate home loan. But if you plan on moving up and out pretty quickly, look into an adjustable-rate mortgage in Spokane. 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. Let your mortgage professional help you select the best loan program for your needs during prequalification.

Then, complete your WA lender's loan application process. The process can vary a bit between lenders. Usually, though, you'll need to provide the following information: Social Security numbers, pay stubs, income sources, the address of the house you'd like to buy, purchase contract, credit check authorization, banking information, and the amount you'd like to borrow.

Your lender will then give you a loan estimate. You'll be presented with a potential interest rate, monthly payment, and estimated closing costs for the loan. A quick note: a loan estimate isn't the same thing as a mortgage. It's an estimate, and you can request multiple estimates to find the best loan for you.

Work with Mr. Cooper when going through the mortgage process in Spokane 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 means a lot to home sellers and realtors because it shows you can buy a home. You're not just browsing! Some lenders offer Verified Approval letters like Mr. Cooper, but not all.

Ask your lender! The more questions you ask 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 Spokane, WA

The ball is in your court at this point! Compare your mortgage offers and pick the offer that's good for you. Think about the nuances of each, from the loan term to the interest rate. A Mr. Cooper mortgage professional can help you understand 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. It's a standard part of the home loan process, whether you live in Spokane 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.

At Your Mortgage Closing in Spokane, WA

Once your home loan is approved, it's time to close on the home you want in Spokane! During this step of the mortgage process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on where you live, you may also be required to work with a closing attorney in Spokane who will schedule a time with you to sign your loan documents. 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*.

Once you've "signed on the dotted line," as they say, you're in the home stretch — literally! You've completed the mortgage process in Spokane, and it's time to get your keys. Your Spokane house is now your home! Does that all sound too easy? Call Mr. Cooper. We strive to make the Spokane mortgage process an easy one.

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