Clear To Close: Your Guide to the Final Steps of Your Mortgage Journey with Bethesda Mortgage
After navigating through the various stages of the mortgage application process, it's a moment of relief when Bethesda Mortgage informs you that you are clear to close. This status, often abbreviated as "CTC," signifies that you've met all the requirements and conditions for your mortgage. However, it's important to note that being clear to close doesn't mean you've crossed the finish line. There are still a few final steps to complete before you receive the keys to your property.
Understanding 'Clear To Close'
Being "clear to close" means that you've fulfilled all the requirements to close on your mortgage. At this stage, Bethesda Mortgage has thoroughly reviewed your documents and confirmed that you meet the criteria for the type and amount of mortgage you're requesting. Once you're clear to close, we start preparing for the closing day. This includes scheduling a date and time for your closing meeting, contacting your title company or real estate attorney, and assembling any final documents that you'll need to sign on your closing date.
Steps to Get Your Loan Cleared To Close
Achieving clear to close status requires significant effort from both the lender and the borrower. To get your mortgage cleared for its closing day, you'll need to:
Provide documentation: We'll need to verify your income and assets, assess your current debt and monthly expenses, and possibly access your credit score.
Make an offer: If you're buying a home, the seller must accept your offer on the property before you can proceed to closing day.
Have the home appraised and inspected: These steps are crucial in determining the property’s fair market value and identifying any issues with the home before purchase.
Get approved by underwriting: The underwriting process helps us approve your loan. Underwriters will not only look at the documents you’ve submitted, but they’ll also further inspect the details surrounding your income, credit history, debt-to-income ratio, assets, and the amount and type of loan you’ve requested.
What Happens After You’re Clear To Close?
Once you're clear to close, you'll receive a Closing Disclosure from us. This document outlines the terms and conditions of your mortgage agreement, providing a comprehensive overview of all of the costs and fees you’ll pay when you sign the final documents.
You'll also have the opportunity to conduct a final walkthrough of the property to ensure it's in the condition you and the seller have agreed upon. Finally, you'll reach the long-anticipated closing day, where the home title officially transfers, and you become the new legal owner of the property.
At Bethesda Mortgage, we're committed to guiding you through every step of your mortgage journey. From pre-approval to clear to close, we're here to help you navigate the process with ease and confidence.
