Addressing all underwriting conditions is a crucial part of getting a loan to the closing phase. The borrower must provide everything to the lender that the underwriting department requires. This is yet another reason why a terrific loan officer is necessary for a successful mortgage. You want someone who will shepherd your buyer to answer all necessary questions. and provide the documentation as quickly as possible, so you can keep the loan moving forward. Everyone wants to stay on track for the closing date that everybody is aiming for.
CLOSING: CLEAR TO CLOSE
Once you’ve provided all the underwriting conditions, the underwriter will issue a “clear to close.” As one would expect, that means you are ready to finalize the deal. At this point, some lenders will put together the closing disclosure and provide that to the buyer. The buyer must sign it, and then, according to federal law, there is a three-day wait after the paperwork is signed. If your goal is to close by a certain date, make sure you get the closing disclosure signed at least three days before closing, so you can close on time. This is where your loan officer has a crucial roll in getting the CD out as soon as possible to prevent any delays in signing. I usally provide the CD once the appraisal has been signed off rather than waiting for the clear to close, but every lender has a different process for this. Then comes the closing, the moment everyone has been waiting for. The buyer, seller, and Realtors all sign the final paperwork. The deal is closed and the keys to the home are handed over to the buyer.
The closing date is usually negotiated during the offer phase
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