Buying Steps 39-40: Approaching the Finish Line
Step 39
Very soon, we should receive what’s called the “Clear to Close” from your Mortgage Lender and Underwriter. What does Clear to Close mean? Clear to Close, means that the Lenders and Underwriters have given the final look at all of the paperwork, your bank accounts, etc., and have approved the loan. By giving us the Clear to Close, they are saying we can move forward with the closing and that they will fund the purchase of your new home, which is excellent news!
Once the Clear to Close is received, the Title Company will schedule the closing date, time, and location.
Questions? Contact us at andi@andidyer(dot)com or 360-734-6479.
Step 40
It’s closing time!
Your Lender has issued a clear to close (CTC) loan approval and sent these documents to the Escrow Company.
Review all closing documents thoroughly as soon as you receive them and let the Closer know if you see any issues or have any questions.
A few important reminders for closing:
- Bring your photo ID with you (ideally a driver’s license or passport)
- Bring your checkbook (just in case)
- Bring copies of your earnest money receipts and wire transfer receipt for the deposit and closing costs
Closing takes approximately 1 hour; however, it can be as short as 1/2 hour or up to 3 hours if there are problems. At closing, in addition to you, there will usually be the following people present:
- The Title Officer. The Title Officer makes sure everything is signed properly, sends all of the signed documents to the Underwriter for one last review, and issues any refund checks at the end of closing.
The Sellers will sign at a different time than you.
A note about spouses who are not on the mortgage loan:
Talk to your Lender if you are divorced or getting divorced. You may need to bring additional documentation, such as a divorce decree.
During closing, make sure you understand how and when the taxes get paid (i.e., are they wrapped up in your mortgage payment and paid by the bank, or do you need to set aside additional funds for this and pay twice a year?) You’ll receive a copy of the Closing Disclosure. Hold on to this! You’ll need it next year when you prepare your taxes.
CONGRATULATIONS, NEW HOMEOWNER!
The Title Company will call me when it is officially recorded, and I will contact you ASAP with the good news. I will let you know what the plan is to get your keys and when you can move in.
Questions? Contact us at andi@andidyer(dot)com or 360-734-6479.
