Preparing for a
Successful Closing
- Clear to close means that the lender has given final approval for the loan and has cleared the way for the loan closing to take place. This means that all necessary documents have been signed, any closing costs or fees have been paid, and the funds for the loan have been secured.
- Once the clear to close is issued, the borrower and the seller can proceed to the closing, which is the final step in the loan process. At the closing, the borrower will sign all necessary documents and will receive the keys to the property.
Mortgage Loan Process
Step:1 Documentation
Step:2 Appraisal
Step:3 Underwriting
Step:4 Conditional Approval
Step:5 Clear To Close
Step:6 Closing
Please feel free to contact us at any time if you have any questions about your loan status or next steps in the process.
What to prepare at closing
- Closing costs: The borrower will need to bring a cashier’s check or arrange for a wire transfer to cover any closing costs, which may include fees for the loan origination, title search and insurance, appraisal, and other services.
- Proof of insurance: The borrower will need to provide proof of homeowner’s insurance for the property, and may need to pay the first year’s premium at closing.
- Identification: The borrower will need to bring a government-issued photo ID, such as a driver’s license or passport.
- Signing documents: The borrower will need to sign a number of documents, including the promissory note, the mortgage, and any other disclosures or agreements required by the lender or the title company.
