The housing market in Seattle is hot – and likely will be for the foreseeable future.   Closing on a new home in Seattle can happen within a matter of days. The closing process begins as soon as the seller accepts your offer, and ends when the home officially becomes yours.  With so many steps in the closing process, it can be quite confusing. Working with a realtor who you trust and who can guide you through the process is very important.  Here are a few tips to stay ahead of the game and help the closing day go smoothly.

First, hold off on opening any new lines of credit, such as credit cards, until after the sale of the home.  Also, making large purchases such as buying a new car, major appliances or using large amounts of money with credit can cause problems with your final loan approval. Mortgage lenders will scrutinize your spending and credit applications.  All lenders are different, but most will require a certain cash-reserve required for a loan.  If possible, it’s best to wait on making large purchases until after your closing.

Similarly, leaving a job or changing jobs can affect your loan. Lenders are very sensitive to any change in your income and will need to take the steps to verify your employment and income.  Maintaining a consistent income and employment (if possible) can help the loan process go smoother.

On closing day, you will need to bring a cashier's check with you. Depending on your lender, the check will be made out to the title or escrow company who is managing the process. The check should cover the exact amount of your closing costs.  It is a good idea to also bring a checkbook as there are often smaller expenses that will need to be covered.

Make sure you have a homeowners insurance policy ready for your new home. This will be required by your lender. They might even require you to pay the first year's premium in advance, by setting up an escrow lender. The lender may contact your insurance agent before closing day, to verify the policy and coverage amount.

You will be signing a lot of paperwork, more than you can imagine. There are many documents you’ll need to sign to complete the transaction and your Seattle real estate agent can walk you through it all. The documents will vary based on where you live and the specifics of your situation, but come prepared to dedicate your entire day to closing on your new home.

Unexpected changes can always come up. When it comes to closing on a house, being flexible with your day can be helpful and make the process go smoother.

Once you have your keys in your hands, it’s time to celebrate! Closing can be confusing and having a trusted realtor to help guide you through the process can make it less stressful. If you are looking for a realtor to help you get started, contact Scott Havenson today!