We got you to the eighth checkpoint, Closing disclosure out, in our previous post.
Now we tackle the ninth & tenth checkpoints on your way to home ownership, Clear to close & Closed.
Once the underwriter has cleared all of the conditions on your loan, he or she will issue the clear to close, or CTC as it is generally referred to in the business. Those three words are a favorite among real estate agents and buyers alike. It means we can see the summit of the mountain we have been climbing for the past thirty or so days.
We will call you and the real estate agents to let you know when the closing documents will be delivered to the title company. Your real estate agent will work with you and the escrow officer to secure a closing appointment.
We will also send you a preclosing e-mail confirming all the info we went over with you on the phone:
- Where you will be closing, including the address.
- An estimate on your cash due at closing—you will need to get a cashier’s check for this amount as the title company won’t accept a personal check. We will call you with the exact amount as soon as the CD is balanced and finalized.
- The items you will need to bring in with you—usually just your ID(s) so the escrow officer can notarize your closing documents to make them official. If you are married and your spouse is not on the loan, he or she will need to be at closing as there may be some documents that they will need to sign.
We will already have ordered funds from the lender to be delivered for the business day after you close so the loan can record and you can take possession of your new home.
Congratulations on reaching the top of the mountain! Your loan has funded and recorded. We will send out a confirmation e-mail as soon as we get the good news from the title company. Your real estate agent will take care of getting you keys, garage door openers, codes—everything you will need to access your new home.
Thank you for all your help in getting your loan closed. We couldn’t have done it without you and appreciate all your hard work.
Next, we tackle what happens when we get derailed in the process – Snowed in.