Yelm, WA: A Home Loan Process That's Unique to You
Being a homeowner — it's a dream that unites us from coast to coast! And it's a process that you can get assistance with along the way. If you find yourself wondering what the home loan process is like in Yelm, then keep reading and give Mr. Cooper a call. Our mortgage professionals can help you work through your unique situation and recommend the best options for you at every turn.
Our crew can even lend a helping hand as you start your house hunt. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-respected real estate agents who can assist with the buying and selling process. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Yelm homes, check your home’s value, and set up Home Alerts to find 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 Yelm! 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, 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 Yelm, WA.
Houses in Yelm seem to move off the market just as fast as they come on, and you probably want to move fast — even more so if you're on a tight timeline. We understand! Here is a summary of the essential steps when applying for a mortgage in Yelm
First, ask yourself: How long do you plan on living in this house? Is this a soon-to-be investment property? 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. Your interest rate stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Yelm. Adjustable-rate loans have a fixed rate for some time. After that date, the rate can adjust at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Next, submit your Yelm lender's home loan application. The process can vary a bit between lenders. Generally, however, you'll need to provide the following information: Social Security numbers, pay stubs, 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! The estimate includes your anticipated closing costs, monthly payment, and possible interest rate. Keep in mind that your loan estimate doesn't mean you've been approved or denied for a mortgage in Yelm. It's a bit of preview, and you can request multiple estimates to find the best loan for you.
Work with Mr. Cooper when going through the mortgage process in Yelm 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 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.
Seal the Deal with a Home Mortgage in Yelm, WA
You're in control now! Review your mortgage offers and choose the offer that's good for you. Consider the details of each, from the interest rate to the loan term. A Mr. Cooper mortgage professional can even help you weigh the pros and cons 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 Yelm or elsewhere. Consider it a more formal version of your previous estimate. Feel free to ask questions if you see that there are differences between the first estimate and disclosure.
At Your Mortgage Closing in Yelm, WA
Once your home loan is approved, it's time to close on the home you want in Yelm! At this stage of the home loan process, your closing attorney and broker are brought into the loop to verify the closing costs. Depending on where you live, you might have to bring in a Yelm closing attorney to be there when you sign your loan docs. 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*.
You're in the home stretch once you've signed the documents! You've arrived. You finished the home loan process in Yelm, and it's time to get your keys. You are a homeowner in Yelm! 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 Yelm a super easy one.