It may take a week or so for scheduling between the bank’s attorney and both the seller’s and buyer’s attorneys to arrange. Clear to close also means that all the conditions have been met and no further documentation is needed by the bank’s closing dept. and closing can be scheduled.
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Berkshire: You describe people in the Chicago neighborhood where you grew up talking about the potential closing of a school in ‘life and death’ terms. What did they mean? Nuamah: It was very clear ..
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What does clear to close mortgage mean? A clear to close on mortgage (CTC) is ultimately the finish line in the mortgage process. A clear to close is when the mortgage lender have processed the mortgage loan application. Clear To Close are issued by mortgage underwriters. Prior to CTC, the mortgage underwriter has underwritten the mortgage loan.
"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.
You, as a seller or real estate professional, may expect your deal to close once the loan application has been stamped with the Clear-To-Close stamp. How long it takes to get that depends on how long it takes to get all the appropriate documentation and information to the investor’s underwriting department.
How long does it take to get a clear to close on a home loan after approval contengencies are met? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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