“Clear to Close!” Those words are great news for buyers (and their agents)! Clear to Close (CTC) means all conditions of your loan have been met and the loan underwriter has given his blessing to release instructions to the title company for the closing. If you’re buying a home and you’re purchasing the home through financing, this is your goal: clear to close. Sometimes, these three words come in advance and everyone just coasts through the process. More typical though, you may be waiting for the CTC until the 11th hour. This can be a high stress time for you as a buyer.
To help streamline the path to your CTC, follow these 5 easy steps.
Choose a lender who is a good communicator. How fast does your potential lender respond to your questions? Do you understand the answers that they provide?
Ask your lender to provide a step-by-step accounting of the loan approval process in addition to the required disclosures and good faith estimates. (If they cannot provide a list, be wary!)
Provide your lender all documents he or she requests as quickly as possible. Any time spent waiting on you will slow down the approval process. Don’t open any new accounts, close any existing accounts, or make any large purchases without consulting with your lender first.
Make a quick electronic copy of your documents before you send them to the lender. A paper copy is ok: a scanned copy is better. There […]