Reader question: "I know mortgage lenders check your credit reports and scores when you apply for a loan.But what about later on in the process? Do lenders run another credit check just before the closing day? I’m concerned about something that might have hit my credit during the underwriting process."
Closing on your mortgage is the last step in buying your home.Once you’ve completed the closing process, you become the legal owner of your home.Obviously, this is one of the most important and critical steps, because without closing, you don’t actually own your home.
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Clear to Close to me usually means the bank has given the attorney’s the go ahead to schedule the closing which usually happens with in a week or so depending on how tight everyones schedule is. Sometimes it will happen sooner especially if buyers lock in is about to expire or if there is a time is of the essence clause.
Clear to Close Mortgage Processing was born out of the need to assist Community Bankers who need less than a full-time Loan Processor or to cover for volume overflow. Along with the constant changes in the loan products and programs, loan processing can also be very tedious, labor-intensive, and is known to be the most critical task in the.
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Clear to close 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!
The mortgage commitment is an important step in the approval process.. a list of conditions you must satisfy, before the lender gives you the clear-to-close signal.