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Home Buyers in Washington Ask: How to Prepare for The Closing Day

In previous articles, we offered an overview of closing costs for home buyers in Washington, along with a breakdown of who pays what. Those two articles attract dozens of readers per day. So it’s safe to assume that the closing process is a hot topic among home buyers in Washington State.

We thought this would be a topic worth revisiting from another angle. Today, we’ll look at some of the things home buyers can do to prepare for their closing day.

Definition: In a real estate and mortgage context, “closing” refers to the last step in the buying process. This is when all of the paperwork is finalized and the deed is transferred to the new owner. It’s also where the buyers get the keys to their new place.

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How to Prepare for The Closing Day

As a home buyer, there are several things you can do to help keep the process on track leading up to your actual closing day. Here’s a quick rundown of those proactive measures.

  1. Start saving money. Believe it or not, the best way to prepare for your real estate closing is to start right now. Like most home buyers in Washington, you will likely have certain closing costs that you have to pay on the day you close. These costs can add up to several thousand dollars, depending on the size of the loan and other factors. So it’s best to start saving early on in the process, to make sure you have the funds needed to close on the home.
  2. Maintain the financial status quo. Once you’ve been pre-approved for a home loan, you’ll go through the house hunting process, the offer stage, the home appraisal and underwriting. Along the way, it’s generally wise to maintain the financial status quo. This means avoiding any major financial changes that could affect your final loan approval. It’s probably not the time to make a bank withdrawal for a vacation or other large purchase. Changing jobs might also create unwanted snags. So do your best to keep things as stable as possible, at least until you close on the home.
  3. Handle paperwork requests in a timely fashion. Home buyers using mortgage loans have to provide a variety of documents on the front-end of the process. These include bank statements, tax records and the like. They are used to ensure that the borrower has the means to repay the loan. But sometimes there are additional requests for paperwork later on, during the underwriting process. For instance, an underwriter might request a letter of explanation for a certain bank deposit or withdrawal. Home buyers in Washington can help keep the closing on track by handling such requests in a timely manner.
  4. Stay in touch with your loan officer. There are a variety of people involved in a typical mortgage and real estate transaction. But the loan officer is usually the “point person” for the borrower. This is the person you’ll be talking to the most, throughout the various stages leading up to closing day. Keeping open lines of communication can help you prepare for closing and ensure a smoother process. You can rest assured that if you choose our company, you’ll be kept in the loop every step of the way. Our loan officers are very proactive when it comes to customer communication.

Have questions? Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region. Please contact us if you have mortgage-related questions.

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