A loan that isn’t clear to close results in a delayed closing until the lender’s conditions are met. A loan backed by the Federal Housing Administration requires a few unique items but follows the same underlying protocol before closing. specific forms, verifications and money are needed to gain clearance for closing.
In industry jargon, this is referred to as being "clear to close." You have cleared the mortgage underwriting process, and you are now on track to close the deal. At this stage, the lender will have the closing documents prepared. This is usually done by an escrow company or specialist.
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The closing disclosure (typically called a "CD" by your lender) is a document that states all of the closing costs for the buyer as well as the seller, and it is a huge part of the clear to close process.
The mortgage commitment is an important step in the approval process. But it doesn’t mean you’re out of the woods entirely. The commitment letter might come with a list of conditions you must satisfy, before the lender gives you the clear-to-close signal.
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How soon did you close after your "clear to close"? I sent all of my conditions to the loan officer on Thursday and he said he sent them to the processer and that it should take 48 hours to hear back from the underwriter.
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You are considered cleared to close once your mortgage application has been approved. Getting Clear When you apply to your lender for a mortgage loan, the lender submits your documents — pay stubs, tax records, student-loan payments, appraisal and so on — to an underwriter, or runs it through underwriting software.
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