From application to keys

How long does buying a home take?

The search may take days or months, and the closing schedule depends on the contract, financing and due diligence. Ask for a timeline with specific milestones and a backup if a step is delayed. Do not schedule an irreversible move around an assumed closing date.

What are the main steps in buying a home?

Clarify your budget, select your professionals, arrange financing if needed, search and investigate homes, then negotiate a contract. Complete inspections and other due diligence, resolve lender and title requirements, review closing documents, and confirm recording and possession before moving.

What documents will a mortgage lender request?

Common requests include identification and records of income, employment, assets and debts. Self-employment, gifts or other circumstances may require more. Use the lender’s secure channel and current checklist; never upload Social Security numbers or account documents into this site’s FAQ chat.

How long does mortgage approval take?

It varies with the lender, loan, property and completeness of your documents. Ask what has already been reviewed and which conditions remain. Preapproval is an earlier step; final approval may still depend on appraisal, title, insurance and updated financial information.

Further reading: CFPB: preapproval ↗

What is a good debt-to-income ratio?

DTI compares monthly debt payments with gross monthly income. Acceptable limits vary by lender and program. Lower debt can improve flexibility, but approval also depends on other factors. Evaluate comfortable household spending separately from the maximum ratio a lender might allow.

Further reading: CFPB: debt-to-income ratio ↗

Why might a mortgage be denied?

Possible issues include unverifiable income, credit problems, excessive obligations, insufficient eligible funds or a property that does not meet requirements. Ask the lender for the actual reason and potential next steps. Avoid new borrowing or major financial changes without discussing their effect first.

What is a home appraisal?

An appraisal is an independent opinion of value used in the lending process. It is different from a condition inspection and does not prove that a home is free of defects. Ask your lender how the result affects the loan you are seeking.

Further reading: CFPB: Closing Disclosure ↗

What if the appraisal is below the purchase price?

Discuss the valuation, available review process and financing impact with your lender and broker. Depending on the contract, options may include renegotiation, additional cash or a contractual exit. Do not assume the seller must lower the price or that a challenge will succeed.

What is a title search?

A title search examines records for ownership and recorded interests that may affect the property. Review the title report, exceptions and unresolved items with the title company and an attorney when needed. A title search and a title insurance policy serve related but different purposes.

What insurance do I need when buying?

Discuss homeowners coverage and any lender requirements with an insurance professional early. Ask about flood, earthquake, exclusions and deductibles; ordinary policies may not cover those risks. For a condo, understand the association policy and what your individual policy must cover.

Further reading: Washington insurance guidance ↗

What does escrow mean in a home purchase?

Escrow can mean a neutral settlement process that handles funds and documents under instructions. A mortgage escrow account is different: it holds amounts collected for expenses such as taxes and insurance. Ask which meaning applies when someone quotes an escrow payment or fee.

Further reading: CFPB: mortgage basics ↗

What happens at the final walkthrough?

Check whether the property is in the agreed condition, included items remain and negotiated work is addressed. Compare with the contract and report concerns before closing. A walkthrough is not a substitute for an inspection, and remedies depend on the agreement.

What should I expect on closing day?

Confirm signing, funding and recording milestones with the settlement provider, plus the agreed possession time. These steps may occur at different times. Verify payment instructions through a trusted phone number and resolve document questions before signing or transferring funds.

What documents will I sign at closing?

The package depends on the transaction. Financed purchases commonly include loan obligations, security documents and settlement disclosures; title and ownership paperwork also apply. Request documents early and have unfamiliar terms explained. Signing alone does not necessarily mean the transaction has recorded.

Further reading: CFPB: Closing Disclosure ↗

When do I get the keys?

Possession follows the purchase agreement and completion requirements confirmed by the settlement provider and broker. It may differ from the signing time or recording day. Wait for confirmation before moving, changing locks or arranging contractors to enter.