Clear to Close refers to a significant milestone in your mortgage approval process.
When a lender gives you the "Clear to Close," it means that they have thoroughly reviewed all your financial documentation, including bank accounts and credit history, and have approved your loan application. Essentially, they are giving the green light to proceed with the closing and confirming their commitment to fund the purchase of your new home.
Once you've received the Clear to Close, the next steps involve scheduling the closing date, time, and location with the attorneys. This typically occurs shortly after receiving the Clear to Close notification. Your attorneys will coordinate this process and inform all parties involved once the closing has been scheduled.
Before the closing, it's customary to conduct a final walkthrough of the property. This walkthrough is usually scheduled for the day before closing and provides you with an opportunity to ensure that the property is in the same condition as when you made the offer and to verify that any agreed-upon repairs or modifications have been completed satisfactorily.
Receiving the Clear to Close is indeed great news as it signifies that you're one step closer to becoming a homeowner. It's a significant milestone in the homebuying process and signals that the final steps toward closing are imminent.
