The Road to Clear to Close
Brought to you by Morgan Financial
Written by Matthew Langdon
What is, “Clear to Close?”
After what feels like the seemingly never-ending gauntlet of paperwork, your lender say’s you’re “Clear to Close”. But what does that really mean?
Being clear to close (CTC) means that you’ve fulfilled all of the requirements necessary for your loan program and your mortgage lender is able to fund your mortgage (yay!). You’ve been cleared of all prior conditions and your lender is ready to release the closing documents to the title company, as well as get the closing scheduled. While this is one of the final stages before your loan is funded, we’re not in the clear just yet. There are a few additional things that need to be done afterward. If getting the keys to your house is the finish line, then CTC serves as the last lap.
Initial Closing Disclosure
Your local mortgage lender is going to be sending you what’s called an “Initial Closing Disclosure”, which provides you with detailed information on your closing costs and financing terms. Your loan officer will then review the closing disclosure in its entirety to go over your loan terms, monthly payments including final figures with principle, interest, insurance and taxes. With the review of this disclosure, you will see the cash to bring to the closing table if you are purchasing a home, or if you are doing a cash out refinance, you will see the amount coming back to you.
Once you receive your closing disclosures, you’ll need to acknowledge the adjusted closing rate with your loan officer. Any deposits, appraisals, or fees that you’ve paid prior to the closing will be accounted for so you won’t be double charged for them. If you’re planning on wiring money, you’ll receive instructions on where to send your money which you can provide to your bank. Double check with the title company to ensure the wiring information is correct before wiring funds. On the day of closing, you’ll sign the mortgage documents, get the keys to your new home, and walk through the front door!
How does Morgan Financial differ?
Here at Morgan Financial, we’ve optimized our internal processes to ensure we’re clearing you to close as soon as possible. With our average CTC time as just 10-days, we help you get into your home faster, so you have time to focus on settling in. With in-house loan officers, underwriting, and processing there is consistent communication through all steps of your loan. We don’t 3rd party out, and with Friday follow-ups you’ll receive a timeline directly from your loan officer with actual dates for where you’re at in the process.
Reach out to us!
If you have any mortgage questions or need help, please feel free to reach out to us directly at 321-757-3570 or submit an application below.
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