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Your Mortgage, What to Expect: Clear To Close

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You’ve given the underwriter every piece of information they have asked for and FINALLY, your loan is CLEAR TO CLOSE! So, what exactly does that mean?!

What does clear to close mean?

Clear to close (CTC) is one of the final stages before your loan is funded. CTC means that the underwriter has reviewed and approved all necessary documents and you’ve passed with flying colors. In other words, the lender is ready to show you the money!

Your Role at the Closing

In a real estate transaction, the term closing is synonymous with signing. The name of this process comes from the fact that the escrow account that you were using to complete the home buying process will now close. During closing (also called settlement or account settlement), you will have to review, authorize, and date numerous legal documents.

While this process may seem tedious, the end result of homeownership is well worth the effort. Being prepared and staying organized can help ensure that your closing is quick and easy. Here are six important things you need to do before you even sign your first closing document:

  • Confirm the time, date and location of your closing.
  • Assemble any documents that you may need to refer to during closing. These can include your contract, proof of title search and insurance, flood certification, and proof of homeowners insurance.
  • Confirm that any repairs mentioned in your contract have been completed, which may include a walk-through of the home you are buying 24 hours before closing.
  • If you will be paying your down payment or any closing costs at closing, make sure that you have a check or other acceptable form of payment ready. It is important to check with your mortgage consultant to verify what types of payments are acceptable since, in some instances, a cashier’s check or wire from your financial institution may be required.
  • Remember to bring your driver’s license or other government-issued ID to closing.

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