Buying a home in Washington follows a predictable path once you know the steps. Here's what to expect, from your first conversation with a loan officer to getting your keys.
1. Pre-approval
You share income, asset and credit information, and your loan officer confirms what you can comfortably afford. You'll get a pre-approval letter to include with your offers. Sellers in competitive markets often won't consider an offer without one.
2. Shopping and making an offer
Work with your real estate agent to find a home. When your offer is accepted, you have a signed purchase and sale agreement with deadlines for inspection, financing and closing.
3. Loan application and Loan Estimate
Your full application is submitted, and within three business days you'll receive a Loan Estimate showing your loan terms and estimated closing costs.
4. Processing and appraisal
The lender orders an appraisal to confirm the home's value and gathers any remaining documents. Rural Eastern Washington properties may take a little longer to appraise because there are fewer comparable sales.
5. Underwriting
An underwriter reviews everything and issues an approval, often with a few final conditions. Avoid opening new credit or making large purchases during this time.
6. Closing Disclosure
At least three business days before closing, you'll receive a Closing Disclosure with your final terms. Compare it with your Loan Estimate and ask about anything that changed.
7. Closing
You'll sign your documents with an escrow or title company. In Washington, the sale is complete once the deed is recorded with the county, and then you get your keys.
Ready to start? Send Jake a few details and he'll call you to talk through your options.
This article is general information, not financial, legal or tax advice. Your options depend on your full application and current program guidelines.