The Mortgage Porter

How to Shop for Title Insurance or Escrow in Washington

I'm often asked by my clients if they can select their title or escrow provider and the answer is a big YES!  Some feel that title and escrow fees are all within a close range and this simply isn't the case. I have seen fees for these services vary by hundreds of dollars.

Here are some pointers you may find helpful if you are interested in shopping for your title or escrow provider:

Know how your rates are priced.  With escrow on a purchase transaction, you will need to provide the sales price and let the escrow company know if there's going to be a second mortgage or if a courtesy signing may be required or if it's a short sale. It's important to ask the escrow company for ALL of their fees. I've received quotes from an independent escrow company in Ballard where they try to pad their quotes with a $200 "miscellaneous fee" just in case something "pops up" during the transaction.  Ask the escrow company if the fee is the "full" fee or your "half". Typically, in Washington the buyer and seller split the escrow fee. 

NOTE: If your escrow provider is a title company, most offer a significant discount on their title fees when title and escrow are at the same company with a purchase. This discount often applies to both buyer and seller.  Using two different title companies for title and escrow services seems like money flying out the window to me.

If your transaction is a refinance, typically the escrow company just needs the loan amount. As with a purchase, ask for "all" their fees. Do they charge a reconveyance processing fee, wire fee or courier fees (also possible with purchase transactions). 

Have the escrow company provide your quotes in writing - they should be able to easily email this to you.

With title insurance, the company will need to know your sales price and loan amount. For a refinance, they just need your proposed loan amount. They will also need to know which county the property is located.  In Washington, the seller typically pays for the owners policy and the buyer pays for the lenders policy.  With a refinance, the buyer pays for the lenders policy.  

Ask for possible discounts. Some title companies will provide an additional discount if you title is placed electronically via their website.

Start early. You'll want to obtain your quotes before your purchase and sales agreement is drafted.  If you're involved with a purchase transaction, real estate agents will try to direct where the title and escrow services are placed. Sometimes this is a legitimate concern where the agent has received excellent service from their escrow and title team and/or it could be that one of the real estate brokerages have an ownership interest in the title or escrow company (see below). Regardless, the consumer does have the right to select these service providers.  Some title or escrow companies may insist on needing a signed purchase and sales agreement before providing a quote which is not needed if you provide the above information (sales price, loan amount and county the property is located in).

If your transaction is a refinance, let your mortgage originator know that you would like to shop for these services at your loan application.

NOTE: Mortgage companies may have ownership interest in an escrow company as well. You are not required to use them - it is your choice!

Ask for recommendations. Talk to your real estate agent and mortgage originators about who they like to work with and why. Does their company have an ownership interest in these providers? Will the escrow company do amazing back flips to make sure your transaction closes smoothly and on time?  Ask your family or friends who have recently closed a transaction, who they used for title or escrow providers.

Know the relationships. A few of the big real estate brokerages have interest in title and escrow companies. In the greater Seattle area, we have the following large real estate brokerages who continue to maintain an interest in title or escrow companies:

• Coldwell Banker Bain: Rainier Title; and Escrow Professionals of Washington (EPOW) 
• Windermere: CW Title (formerly known as Commonwealth of the Pacific)

According to Northwest Title Company's website, one or more principals at Routh, Crabtree, Olsen, PS, a firm located in Bellevue which does significant REO (foreclosure) escrow business, have interest in Northwest Title Company.

Higher fees does not always equate to better service.  I've seen some escrow companies that charge significantly more than what I would consider to be a fair market price. They may try to justify this because they have attorneys on staff or because the property is a short sale or foreclosure - ask why.  I have no problem with anyone being compensated for work performed as long as it is a fair market price.

Some companies make it easier for you to shop than others with rate sheets or calculators posted on their websites. I still recommend giving the title or escrow company a friendly phone call followed up with an email to obtain your personal quote in writing. I'm amazed at the lack of service I sometimes find when I call a title or escrow company to obtain a quote for my Good Faith Estimates.

I used to have my preferred title and escrow providers listed on this blog, however DFI felt that this was a potential violation of respa since they viewed it as free advertising even though I had a link to all title and escrow companies and encouraged consumers to shop. 

Bottom line: consumers are paying for these services and are free to exercise their right to shop for and select their title and escrow providers. 

The Risk of Extended Closings

With more short sales taking place, many home buyers are having to wait months before their closing date is here. The same may be true for those who are buying homes that are being constructed.  With a delayed closing, there are some additional risk involved that buyers should be aware of so they can take action, when possible, to protect themselves. Some risks, borrowers have more control over than others.

Credit Reports Expire. Credit scores change constantly and are intended to reflect your current credit scenario. Credit reports that lenders use are valid for 90 days - meaning from the date pulled from when the report is delivered to the lender (this shaves a few days off).  Should your credit need to be repulled due to an expired credit report, if your credit scores have dropped, this may impact qualifying for your mortgage program and your interest rate. Any new debts, including those that have "no payments" or "zero interest" will be factored into your debt-to-income ratios and may also impact qualifying for your new mortgage.

TIP: Do not make changes to your credit, unless advised by your mortgage originator. Closing good credit accounts may lower your scores and new credit will bring your scores down as well. Try to keep your credit balances below 50% of the total credit line (30% is even better).

Employment or income may change. Lenders will verify your employment and income prior to funding the new loan.  If you've had ANY changes to your employment or income, notify your mortgage originator as soon as possible. Some changes may not make an impact, however if your income is being restructured from a base salary to hourly or commission, you may have issues.

Underwriting guidelines and loan programs may change. Some times changes may be made to underwriting guidelines, or a loan program may change or no longer be available. Just last week, we were wondering what the conforming loan limits would be for the greater Seattle area (they're staying the same at $506,000, however it was hinted they could have been reduced). We also have seen changes with private mortgage insurance companies that may impact qualifying.

TIP: If possible you may want to discuss having a "plan b" with your mortgage originator if you have any unique situations with your loan scenario.

Interest rates. I generally don't recommend locking beyond 60 days (depending on the current climate with rates).  Longer locks are available, however they cost the borrower more. When a closing date is uncertain, locking is a risk as you may be locking too long (paying too much) or not long enough which would create additional cost with extension fees.

If rates rise too high (which can happen quickly), some borrowers may no longer qualify using their desired program...it could cause another scenario where a "plan b" is required.  

Appraisals. The appraised value of your home is based on what other similar homes have sold and closed for near the home. The risk of what a home appraises for is present regardless of the length of closing, however if you're in a neighborhood where more short sales or foreclosures are present, it's possible the values may be trending lower. This may cause underwriting to call for additional sales comparables (comps). If the appraisal comes in lower than your sales price, you may be in position to renegotiate your contract with the seller.  Lenders base your scenario on the lower of your sales price or appraised value. If your appraisal comes in higher than your sales price, goody for you!

Documentation. Be sure to keep your bank statements, documentation of any large deposits, paystubs, etc.  This is not the time to be a "shredder"...after closing you can shred away!

Sometimes having some extra time on your side can be a benefit.  Here are some things to consider if you have a month or two before your closing date:

If your scores are lower than 739, ask your mortgage originator what you can do to improve your score, if needed (some loan programs, such as FHA, are not as credit score sensitive as conventional).

Ask your mortgage originator if you should be building your savings or paying down debt to improve your score.  Depending on your specific scenario, building reserves may be more important than your credit score or the reverse may be true.  Time allows you to do either (or possibly both).

Remember, your loan application is a reflection of you and your financial scenario when the first interview is taken and at closing. It is your responsibility to notify your mortgage originator of any changes from the original application. 

If you are considering buying a short sale anywhere in Washington State, where I'm licensed, I'm happy to help you with your mortgage needs. 

Before You Go to Your Signing Appointment [Updated]

When I originally wrote this post back in January 2007, we didn't have the Good Faith Estimate that HUD created and implemented in 2010. Although this GFE has caused greater confusion and has overall been a failure (a new version is should be available in 2012), the one positive feature about the 2010 GFE is that lenders are bound by what they quoted on their last Good Faith and page three of the HUD-1 Settlement Statement clearly compares what was quoted by the Mortgage Originator and what the final fee at signing is. In addition, there are certain tolerances that limit how much more a fee at closing can be for some of the lender fees.  

It's fun to revisit and dust off old articles that I've written. I hope you find these tips beneficial for when you attend your signing appointment for your refinance or purchase. NOTE: I only help people with their mortgage needs for homes located in Washington state, so if you're not buying or refinancing a home in Washington, some of this information may not apply to you.

1. Obtain a copy of your estimated HUD-1 Settlement Statement at least 1 day before closing.  Your estimated HUD-1 Settlement Statement discloses all the fees that are involved in the transaction. Instead of waiting to see this document at your signing appointment (along with the stack of other documents you'll be signing) have the escrow officer email this to you 1-2 days before signing. Sometimes that can be a little tricky because there are times when loan docs are arriving at escrow hours before your signing appointment. In order to improve your odds of getting a copy of this document before signing, notify your mortgage originator and escrow officer well in advance that you would like to a copy of your HUD 1-2 days before signing.

2. Bring your Mortgage Originators contact information. When your signing appointment is set, contact your mortgage originator to find out if they will be available during your signing and how is the best way you can reach them should you have any questions. Some signers (not all are escrow officers) are better at answering questions than others. If you have questions about the documents you are signing, you can pause the signing and call your mortgage originator. There are times I've attended signings for clients, especially first time home buyers, when location and schedule permits. I always try to be available to answer any questions that may arise during a clients signing.

3. Bring a cashier's check or make arrangements to wire funds for closing.  A good lender will do everything in their power to provide escrow with instructions in a timely manner so that they can, in turn, give you the dollar amount required as soon as possible.  Sometimes, you may only get a day or two of notice before escrow contacts you with this information.   The reason this can occur so late in the process is because all the loan documents have to be prepared by the lender and are then delivered to the escrow company with our instructions.   The escrow company then creates a HUD-1 Settlement Statement which determines exactly how much funds you need to bring to closing.    When you are told the amount, you need to obtain a cashier's check payable to the escrow company and bring it with you to the closing appointment.   A personal check or cash is a no-no.  NOTE:  If you are considering wiring funds to the escrow company, please contact them in advance to discuss this process.

4.  Bring a copy of your Good Faith Estimate.   You will want to compare it to the Estimated HUD-1 Settlement Statement that will be presented to you at the signing. Hopefully, the Escrow Officer has provided your Loan Originator a copy of the HUD in advance for them to review it prior to your appointment.  NOTE: Although I mentioned in the intro above that the 2010 GFE compares the last quoted with the HUD-1, it's probably not a bad idea to bring the last GFE that you received from the mortgage originator to make sure it's the correct one to be used at signing.  SIDE-NOTE: Currently GFE's can only be reissued with a bona-fide "changed circumstance".

5.  Bring your current driver's license.  The notary must see them for proof you are you!  Some may require two forms of identity. Contact your escrow officer to see what they require.

4.  Bring anything else that the escrow company or lender request.  Sometimes the lender may need you to bring follow up documentation to closing (such as original signed documents, most recent paystub, etc.). 

6.  Bring directions to the escrow company.   Be sure to get specific directions to the escrow company from the escrow company (or visit www.mapquest.com).  Please be on time.  Escrow companies are often very busy and are generally on time.

7.  Plan on your signing taking approximately 45 - 60 minutes.  If you would like to have more time to read your documents, or to have an attorney review them for you, ask your lender in advance so they can accommodate having a copy of your loan documents available to you in advance.  Your loan package is about an inch of paper.   If you want to read it word for word, you should obtain a copy in advance.   

8. Sign your documents as your names appear.   Sign your name within the County's required borders for recordings.  This avoids last minute corrections or delays in your closing.   You may want to do some hand exercises before signing (just teasing—well, kind of). Do sign your name exactly as it appears on the loan documents - if there's a middle initial, sign with it. If you sign your name differently throughout the loan package, you may have the joy of re-signing your loan documents. NOTE: I've only had this happen once and this person signed her name several different ways throughout her final documents. As a result, she had to sign again and her closing was delayed.  There is no way an investor would have accepted legal documents with varying signatures.  If you have a preference with how you want your name to appear on the loan docs, you need to express this at the beginning of the loan process.

After signing your documents, escrow sends the original required documents to the title company who, after reviewing, delivers them to the County where the property is located.   With our company, the funding department also reviews the loan documents and verifies all conditions are met. At this point, the lender coordinates with the escrow company to release the funds and to record the documents on the scheduled day for closing. This is a photo of the King County Recording Department's "recorders closet" for title companies and others who do recordings in masses.

Signing and funding (closing) typically do no take place on the same day.  Typically the latest I like my clients to sign is two days before closing with a purchase (sometimes it may wind up being the day before).  With a refinance for an owner occupied property, signing takes place about five days before closing because of a mandatory three day waiting period before the loan can close. The three days are "postal days" and sometimes may cause locks to have to be extended, hopefully one day Congress will revise this outdated guideline.

Once your transaction is closed, you may be notified by your real estate agent, escrow officer, mortgage originator or all the above.  Congrats!

Will Other Big Real Estate Brokerages Abandon their Joint Ventures with Title, Escrow or Mortgage Companies?

I'm hearing this morning that local real estate brokerage, John L. Scott has decided to terminate their joint venture business arrangement with Rainier Title and Escrow.  After seven to eight years of touting that business arrangements like this benefit the consumer, apparently they're singing another tune.

My stance has always been that arrangements such as this do not benefit the consumer. They can actually prevent consumers from receiving the lowest title and escrow rates and it discourages the consumer from shopping when the real estate agent does their best to please their broker and keep that title or escrow with their pre-arranged company. Typically the real estate companies who have business arrangements discourage their real estate agents from using any other company and will often make it difficult (if not impossible) for outside companies to attempt to have contact with their real estate agents.  

So if the argument big companies like John L. Scott, to hold interest in title and escrow companies, like Rainier, is that it's an advantage for the consumer - what's changed?  Could it possibly be that these arrangements are no longer the cash-cows they once were for the managing brokers?

It will be interesting to see if the other local real estate companies who have title and escrow business arrangements, like Windermere and Coldwell Banker Bain, follow John L. Scott.

Does Your Loan Officer Attend Signings?

This past month, I have met with more clients than "usual".  A typical transaction for me has been pretty much completed over the internet via my secure on-line loan application, with email and over the phone.  It was an exception for me to meet clients.  This was not because I didn't want to, I simply wasn't asked to and clients opted for the convenience offered by the internet.  

This month, I had a spike in face to face meetings with clients. I'm not sure if this is going to be a continued trend or if May's meetings have been some sort of fluke...I do know I really enjoy meeting my clients "IRL" when our schedules allow.  Three of these meetings took place when I attended the signings at escrow offices from Federal Way to Lynnwood, and one at a restaurant near SeaTac Airport.  All three were first time home buyers. I wasn't really "needed" beyond being there. With having the background of managing an escrow branch for Washington Title, it's crucial to me by the time my clients reach the signing table, their questions about mortgage have been answered. A home buyer or someone who's refinancing shouldn't have to ask their escrow officer about the terms of their mortgage...their mortgage originator should have fully educated their client well before this point. With that said, I see nothing wrong with a borrower asking the signer to explain the terms - the borrower should, however, already understand their loan program.  

Regardless of if I'm attending a signing or not, I'm always available to answer any questions that may pop up.  And my Processor and I always review the estimated HUD-1 Settlement Statement before my client's appointment to make sure it's as accurate as possible (assuming the escrow company provides it to us, which they do 99% of the time).

Will your mortgage originator join you at the signing table?  If this is important to you, then it is something you need to ask a potential mortgage originator BEFORE you decide on which lender you're going to work with.  Here are more tips on things to consider when selecting the mortgage professional who will be helping you with your next home purchase or refinance.

Which Utilities are Paid at Closing in Washington State

The Talon Group, a local escrow and title company, addresses which utilities are required to be paid at closing.

Avoiding Suprises with Funds Due at Closing

EDITORS NOTE:  This is an updated version of this post which was written at a time when mortgage originators could more freely use the Good Faith Estimate as a tool to communicate with their clients.   Due to HUD's 2010 GFE and the accompanying restrictions, this is no longer probable.  In fact, nowhere on today's Good Faith Estimate is funds for closing disclosed!  Seattle area borrowers and homebuyers can still avoid surprises at escrow...hopefully these "updated" tips will help!

Your closing date on your new home is a couple of days away, your feeling a little case of the jitters...the last thing you want to deal with is to be surprised with what funds are due at your signing appointment with the escrow company.   

Here's how you can clear up the funds to close issue:

1. Your Mortgage Professional can provide you with an updated worksheet atleast 5 days before closing to review your funds due at closing.  The worksheet may seem similar to what was used when you were obtaining quotes from your mortgage professional prior to locking or being in contract with your purchase and sales agreement.
2. Verify with your Mortgage Professional if the worksheet is factoring in your earnest money deposit, deposits with the lender and any other credits (from the seller or real estate agents, for example).
3. Request your Mortgage Professional obtain an estimated HUD-1 Settlement Statement from the escrow company at least two days before closing to review it for any corrections or modifications for both of you to review.  
4. Bring a copy of your Good Faith Estimate with you to your signing appointment.  Page 3 of your estimated HUD-1 Settlement Statement will reflect if there are any discrepancies between what was quoted on your last Good Faith Estimate (which can only be reissued under specific circumstances).  Some fees have different tolerances which the mortgage company may be held responsible to "cure".

What if there are errors?  Try not to panic. Depending on how much time there is prior to the scheduled funding, the lender may be able to redraft loan documents if needed.   A majority of our loans are funded within our credit lines so unless it involves someone having to be re-approved for a higher loan amount, loan documents can be emailed fairly easily to the escrow company.   Often times, it could just be correcting a few documents and not the entire loan package.

The closing table can be an emotional time.   It's in your best interest to have as many of the details worked as far in advance as possible.   If you have questions or concerns, speak up.  This is not the time to be bashful.   This is your mortgage and one of the largest financial transactions you will make in your lifetime...get involved and take action!

Who Does Your Loan Originator Really Work For?

I often wonder how a consumer can truly trust a mortgage originator who sits in a housing development or a real estate office.  Yes, it's convenient when you're checking out that new home and the loan originator that works with the builder or real estate company just happens to be sitting there waiting for you or the next person who'll walk through their door.  Is that the best option for you?

HUD is questioning this with regards to builders with in-house lenders and if this arrangement is a RESPA violation.  It is harmful to consumers if the closing costs or rates are increased to compensate for what the lender may have to shell out to be that builder's preferred lender. Often times, you may find that the builder has built any cost to bribe you to work with their lender by increasing the sales price of the home.  RESPA violations aside, I've always felt that if you work with the builder's lender, you're providing your personal information to the "seller" or the more specifically, the employee of the seller.   The loan originator may be employed by a bank, but when they're constantly fed by the builder...where do their loyalties rest?

I feel the same way about loan originators who work as "joint ventures" with real estate companies.  They may be paying rent inside your real estate agent's office or just be on their preferred providers list with some sort of business arrangement.  I believe most of the big real estate brokerages in the Seattle area have an arrangement made to steer you to their lender, title or escrow company.   When a loan originator, title rep or escrow officer are constantly fed or partially owned by a real estate company--where are their loyalties?  If you only want to get approved for a $400,000 sales price, and can afford to much higher--do you think the LO who's shacked up with the real estate agent will let that agent know when they press the LO for more info on you?

Yes, you pay for their origination, title or escrow fees, but who are these people really work for.  Shouldn't you have more of a choice?   Some real estate agents will tell you that there isn't much difference in rate or fees--which they may truly believe; however, it may not be accurate. 

I "work for" Mortgage Master Service Corporation.  I'm paid by the consumer when we close a mortgage transaction together.  My business is dependent on my clients referring me to people they know who need a mortgage in the greater Seattle area.  I also have clients who find me from reading my blogs.   I am not part of any joint venture or arranged business agreements.  I'm not paid based on volume, quotas or selling a certain type of program.

Bottom line as a borrower in one of the largest transactions you may ever make in your lifetime, it is your responsibility to make sure you have the right team working for you.  Do as much research as possible before you've entered into a real estate contract.

Photo credit:  Sarah G... via Flickr

Hold Everything! What is Your Title Company's Recording Protocol?

If you're a long time reader of The Mortgage Porter, you know that my pre-mortgage career was in the title and escrow industry.  One of my early jobs was preparing documents to be recorded at King County.  Later in my career, as a sales rep, I would sometimes have the opportunity to "be a hero" by driving "rush recordings" directly to the court house in Seattle and either meeting the title company's recorder or actually having to "walk on" the documents myself. Recordings are the deeds and deeds of trust that will be recorded at the county to become public record to give the world notice that you now own the land or have debt attached to the property.  (It also gives scammers notice to hound you with loan and other offers).

On a recent transaction, I learned that all title companies are not the same when it comes to how the manage their recordings.  When a title company receives documents from the escrow company, they are typically "on hold" meaning--do not record yet; or they're a "walk on" which means, record as soon as possible.  It's my understanding that most title companies keep holds at King County UNLESS they have verified with the escrow company that the documents are not scheduled to close for some time.  

This transaction involved a title company who apparently keeps recordings for King County at their Lynnwood office until they know they are released for recording and then they are sent with their recording courier.   Problems can arise when recordings are released later by escrow or if the courier faces high volumes of traffic with her commute to Seattle (what are the odds of that?).  I have been informed by their Senior Title Officer that they are changing their policy on keeping holds at their office.

It could be worth asking your preferred King County title provider:

Where do they keep recordings that are on hold? 

Will they do a special courier to the court house if needed? (a title rep can do this) 

Hopefully the recordings are kept at King County (or the appropriate county) so that in the event of a later release, the documents are prepared and ready to go to avoid delays with closings. 

Related Post: 

What Takes Place Between Signing and Closing

Is Your Agent in Bed with a Title Company?

Who's Who with Local Title Companies

HUD's Home Purchasing Time Line

HUD has unveiled their new "Shopping for your Home Loan - HUD's Settlement Cost Booklet".  What was once a ppamphlet that was included with your loan application has been replaced by a 49 page booklet.   This revised guide for borrowers was created to accompany HUD's new Good Faith Estimate which goes into effect on January 1, 2010. 

HUD's new guide is to help consumers navigate the new Good Faith Estimate.  I'm not going to go all the way through it on this post, I do want to point out issues with HUD's Home Purchasing Time Line (which you'll find on page 4).

 

Do you see anything wrong with this picture?   Let's review step by step.

1. Determine what home you can afford.   I agree with this.  What home you can afford may be different than what home you qualify for.  You don't have to buy as much home as you may qualify for and you might qualify for less than you desire.  What's most important is being able to afford the home.   I think this step is referring to doing some serious gut checking and reviewing of your personal budget BEFORE meeting with a real estate agent or mortgage originator.

2. Find a real estate agent.  I think step two should be to find a mortgage professional instead of the agent.  They have the cart before the horse with this step.  The last thing a home buyer needs is to be shown a bunch of home they may not qualify for.  Meeting with a mortgage originator first will help them narrow down what programs they qualify for that will suit their financial needs (I think this is HUD's Step 5).  Agents may debate me on this because they like to direct buyers to their preferred lender.

3. Find a home and negotiate the terms.  This is unbelievable!  HUD is recommending that you enter into a binding contract before knowing if you're approved for the mortgage.  Yes there are financing contingencies, but you do not tie up a seller's property when you don't even know that you can close on a transaction.  Plus, most real estate agents will not show you a home until you have been preapproved by a mortgage professional.

4. Shop for your loan -- compare multiple good faith estimates.  This is very flawed.  HUD's new good faith estimate carries RESPA reform which in a nutshell means that if a mortgage originator provides a borrower a good faith estimate, they are presumed by HUD to have obtained enough information from you to have created a loan application.  This creates a certain amount of liability for the mortgage originator that in this day and age, most will not accept.   Not to mention that rates change constantly, sometimes several times a day.  If anything, you should shop for the most qualified mortgage professional and not "the loan" or rate...this step should take place around Step 2.

5. Chose the loan that's best for you.  This should take place at step 2 or 3 (after you select your mortgage professional).  This is too late in the game to be determining your financing.

6. Loan originator processes the loan.  Your mortgage originator begins processing your loan at application for purposes of preparing your preapproval letter.  Your loan may actually go into processing and underwriting once you are proceeding with your transaction.

7.  Have house inspected.  This typically take place after you find your home and have negotiated your contract.  You're not going to want to be paying for an appraisal (which would take place at processing) if your potential home doesn't pass inspection.

8.  Shop for other service providers (title, attorney, escrow agent).  Is this a HUD after thought?  If you are going to shop for your title or escrow, you're going to need to do this prior to the contract being written as the purchase and sales agreement dictates who the providers will be (unless the agent writes "buyers choice").  Plus, HUD's new GFE dictates how much the title and escrow fees can change at closing based on if you shop or if you allow the lender to select these service providers.

9. Loan is approved.  There are different steps of loan approval.  This is most likely "final loan approval" meaning all conditions (documentation) have been provided and reviewed by underwriting.

10. Get insurances and do final walk through.  I recommend shopping and selecting your home owners insurance much earlier in the process.  Once you have a bona fide contract and your home has passed inspection, you can start shopping for your insurance agent. 

11. Go to settlement.  In Washington, you're probably going to your signing appointment at the escrow company a couple days before closing.   Sometimes signing will feel like it's at the eleventh hour!

12. Move in. 

Watch formy next post where I share how I think this purchasing time line should look.