Clear to Close?

Asked by Iheartboxers, Denver, CO Thu Jan 12, 2012

What exactly is a clear to close - what does it mean? When should I expect to get this on my loan? How long does it normally take?

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Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Mon Jan 23, 2012
Congratulations! It's my b-day, so I will be thinking of you! BTW, it is Mozart's b-day also! Enjoy your home and plan a Mozart Party!!
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Iheartboxers, Home Buyer, Denver, CO
Mon Jan 23, 2012
I got my "clear to close" today! We are set to close this Friday, Jan 27th! Thanks for the replies.
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Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Thu Jan 12, 2012
"Clear to close" simply means that your file has passed all requirements from the underwriter and your docs can be ordered and forwarded to the closing agent. (That is a good thing!!!!). Generally, the timing for "clear to close" runs the gamut between lenders. My company focuses on guaranteeing a 7 day "clear to close"....resulting in amoung the lowest days in process of any lender in the marketplace. Expediency is getting a file clear to close is great for all parties involved in the transaction because it eliminates the last minute fire drills, or surprises, so evident by the comments on the advice forums. Best to you!
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Once the bank issues a "clear to close", how long does it take for the mortgage documents to be available for processing? It's been 4 business days since we got the clear to close and it's been radio silent!!! I understand that in California that there is a recission period. Our seller is crazy, we're going to lose the house and our deposit because the bank is moving so slowly. (We are only borrowing 65% LTV, we have 816 FICO scores and have delivered every info request within 24 hours!)
Flag Wed May 23, 2012
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Thu Jan 12, 2012
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.

The typical time frame that it would take to get a clear to close will greatly depend on your mortgage company and the time that it takes you to provide them with what they are requesting. Most loans typically take about 30-45 days to close assuming you already have a valid sales contract.

Hope this information helps.
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