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Clear to Close Checklist ? All Loans Loan # Borrower: Processor: Credit Report Not Expired Credit scores meet guidelines; match in DataTrac, AUS and Lock ? Confirm that the box in DataTrac is checked.

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"Clear to Close" means the Underwriter has signed-off on all documents and issued a final approval. The mortgage team schedules your closing and reviews the Closing Disclosure (CD). The CD is the standardized document that details the finalized terms for the loan, including a breakdown of all costs and fees.

Have your financial documents on hand. Get preapproved before looking at houses. Keep an eye on your credit report. Read the Closing Disclosure thoroughly. Get insurance right away.

One of the most common closing problems is an error in documents. It could be as simple as a misspelled name or transposed address number or as serious as an incorrect loan amount or missing pages. Either way, it could cause a delay of hours or even days.

Can My Loan Still Be Denied? While it's rare, the short answer is yes. After your loan has been deemed clear to close, your lender will update your credit and check your employment status one more time.

Until the lender tells you that you are "clear to close" you may have outstanding conditions to address, including a potential secondary credit review. ... Most but not all lenders check your credit a second time with a "soft credit inquiry", typically within seven days of the expected closing date of your mortgage.

Once you are clear to close, you've entered the final stretch. On average, you can expect a 24- to 72-hour turnaround to be cleared to close, Baez says. Once cleared, your lender will wire funds to your closing officer.

However, a clear to close is not the finish line. Unexpected inquiries or activity on your credit report can cause your mortgage to be denied, even up to the day of closing. Nothing is final until you and your lender sign on the dotted line.

Federal regulations stipulate that you must wait three business days to close your loan once you have signed the Initial Closing Disclosure and agreed to the terms. The lender will work with all parties to schedule your closing. The closing usually happens at the title company or a closing agent will come to your home.

After the underwriter has concluded their review and the loan has been approved, you are going to receive a Closing Disclosure no fewer than three days before your scheduled closing date. You must acknowledge receipt of the Closing Disclosure as soon as possible, otherwise the closing date could be pushed back.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232