Tumwater, WA Mortgage and Home Loan Process
Being a homeowner — it's an aspiration that we all share! And it's something that you can get help with from beginning to end. If you find yourself wondering what the home loan process is like in Tumwater, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and recommend the right options for your needs.
Our team 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-respected real estate agents who assist with home buying and selling.. And if you'd rather search at your own pace, you can get started on the Mr. Cooper StreetSmarts site. Here, you can search for a home in Tumwater, monitor neighborhood trends, and set up Home Alerts so you don’t miss 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).
But we're getting ahead of ourselves. You want more information about moving to Washington and going through the mortgage process in Tumwater! 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. 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. These facts apply to the home loan preparation process everywhere, not just in Tumwater, WA.
Houses in Tumwater seem to move off the market just as fast as they come on, and you'll want to take action quickly — particularly if you found a house you can't live without. We know what that's like! 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. Are you just passing through Tumwater on your way to your forever home? 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 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 Tumwater. Adjustable-rate loans have a fixed rate for some time. After that deadline, 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 Tumwater lender's loan application process. Every lender has a somewhat different process. Usually, though, 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, the amount you want to borrow, and your banking info.
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: the loan estimate isn't your final Tumwater mortgage. It's an approximate calculation, and you can request multiple estimates to find the best loan for you.
Partner with Mr. Cooper to complete the Tumwater mortgage process and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter means a lot to home sellers and realtors because it shows you can buy a home. You're not just browsing! Not every lender offers Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC urges home shoppers to inquire 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.
Make Your Move with a Home Loan in Tumwater, WA
The ball is in your court at this point! Review your mortgage offers and pick the one that's best 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. Once you confirm your choice with the lender, they might approve your loan and send a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Washington. 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 Tumwater, WA
After your mortgage is approved, it's time to close on your dream house in Tumwater! At this point in the home loan process, your broker and closing attorney are brought into the loop to verify the closing costs. Depending on your location, you could be required to work with a Tumwater closing attorney. They'll book 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 reached the end of the home loan process in Tumwater, and it's time to celebrate. You're the proud owner of a house (or apartment or condo or townhome!) in Tumwater. Do the steps seem too simple? Contact Mr. Cooper today. We do our best to make the home loan process in Tumwater a super easy one.