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The clear to close letter is essentially the letter of final approval. It means that any conditions that had to be met for the loan to move forward have been met, whether those conditions are from the buyer’s side or the lender’s side. This letter clears the way for the closing process to begin. A loan commitment letter is generally not the same thing as a clear to close letter.
Clear to Close!!!! Wait, What Does That Mean? You have an accepted contract, a mortgage commitment from your bank, and you’ve packed up all your worldly possessions into cartons and boxes that once shipped food products, office supplies, and/or electronics.
When your loan officer calls to say your loan is Clear to Close (CTC) that means the underwriter has approved all documentation necessary for the title company to schedule the closing and start drafting the Closing Disclosure. But it isn’t a guarantee your loan will close.
Receiving an underwriting clear to close is cause for a big exhale and. The mortgage (deed of trust in NC & some other states) is recorded to.
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Close to Closing. Your mortgage lender provides a letter of approval that states the agreed upon loan terms and any remaining paperwork or steps that must be completed before it wires funds for your home purchase. Even if a letter states that you are "clear to close," it doesn’t mean your work is completely done.
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Clear to Close is term that mortgage companies use when everything has been completed with the processing of your mortgage application thus allowing you to close. For example: all the documents that you have provided to your loan officer have been approved by the underwriter which is approving your loan.
Between Clear to Close and the Actual Closing. My mortgage has been approved what happens next? The closing date indicated on your original document may not be the actual date you close on your loan. If the underwriting stage goes quickly, you may be able to close on your loan sooner than the original date.
How Long Are Mortgage Loans How Long Does It Take to Get a Mortgage? | realtor.com – You can search for mortgages with banks, nonbank lenders (e.g., Quicken Loans), or mortgage brokers. How long this takes will vary depending on how thorough and efficient you are in your search.