requires.
It is not uncommon at this stage to have the underwriter come back with requests for information that up until that point the borrower never knew they had to hand over. This is what happened to the real estate agent in Florida whose deal took 10 extra days when it was discovered crucial information was missing from the loan application. This is yet another reason why a terrific loan officer is necessary for a successful mortgage. Everyone wants to stay on track for the closing date that everybody is aiming for.
CLOSING: CLEAR TO CLOSE
Once your agent addresses and resolves 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, the lender will put together the closing disclosure and provide that to your agent. You 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. Then comes the closing, the moment everyone has been waiting for. The buyer, the seller, Realtors®, and maybe an attorney, all sign the final paperwork. The deal is closed and the keys to the home are handed over to you. The closing date is usually negotiated during the offer phase of a home sale. When making an offer, your agent will include a prospective closing date. Depending on the seller’s circumstances, it may be acceptable or may be countered with other terms.
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