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Mortgage process step #5

Clear To Close

Getting ready for a smooth closing

It's time to bring you to the closing table! The ultimate phase of funding your loan or "closing" on your purchase involves signing all final documents, addressing any last-minute underwriting conditions, and executing the exchange of funds.

At this juncture in the mortgage process, all inspections and appraisals are finalized, initial contracts and documents have been scrutinized through underwriting, and it's now time to sign your final paperwork.

Mortgage loan process

Step 1: Documentation

Step 2: Appraisal

Step 3: Underwriting

Step 4: Conditional Approval

Step 5: Clear To Close

Step 6: Closing

Feel free to contact us anytime with questions about your loan status or next steps.

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What to expect during the closing process

At the closing table, you (the borrower) will sit down with a notary, escrow agent, or attorney to finalize the transaction.

  • Ensure you schedule your appointment accordingly: allocate enough time to sign all loan closing documents and have your questions addressed. It’s advisable to keep a few hours open after your closing appointment to accommodate any potential delays, ensuring you don’t rush through the vital process of reviewing and comprehending the documents you’re signing.
  • Regarding funds to close: If you’re required to bring in the down payment and/or cover closing costs to complete the transaction, you’ll need to provide a certified check from a bank or wire funds directly to the title/escrow company. Before wiring any money, it’s crucial to contact the title company/attorney’s office directly to verify instructions. The escrow company, your agent, and I will furnish you with a comprehensive breakdown of all fees and costs associated with the transaction. If no funds are required from you to close, you might even receive a portion of the earnest money deposit back. However, it’s essential to ensure that the funds for closing originate from appropriate sources.
  • For updated documentation: If you haven’t already provided us with updated paystubs or bank information, we may request that you bring it to the closing appointment, along with any other final documentation to be returned with the signed loan documents.
  • Lastly, ensure you have proof of identification: Bring an official driver’s license or state-issued ID card.

Ready to learn more?

Review the previous step in the mortgage process.

Learn about the next step in the mortgage process.

Ready to get started?
Apply now or request a quote today!