Buyer Step 17 - Clear to Close: Your Loan Gets the Green Light

May 19, 2021

Step 17

Clear to Close: Your Loan Gets the Green Light

Before the final closing, your lender will deliver the good news that you are “Clear to Close.” This means that the underwriter has thoroughly reviewed and approved all your loan documentation, including the appraisal, and the funds are ready for your loan.

you're clear to close your home

Here's what you should expect:


Closing Disclosure Review: The lender sends you an initial closing disclosure, allowing you to review crucial details like loan terms, payment amounts, interest rates, and closing costs. By law, you should receive this document at least 3 days before the closing, giving you ample time to scrutinize the information. Compare it with the good faith estimate provided when you initially applied for the loan and clarify any discrepancies with your loan officer.


Timing of Clear to Close: The tentative closing time is often outlined in the purchase agreement, including a move-in date. This helps both the buyer and seller plan their transition. Typically, “Clear to Close” occurs within the final week of your escrow process. Your Loan Officer strives to align the closing time with the agreement, facilitating a smooth transition.


Possible Denial After Clearance: While uncommon, there have been instances of loans being denied after receiving clearance. This can result from taking on a new loan, job loss, or a credit score drop before the final closing. Aim to maintain financial stability between “Clear to Close” and the closing date.


Closing Arrangements: Your lender and Realtor® collaborate to schedule the closing with all concerned parties. If, for any reason, you cannot attend the final closing in person, promptly inform your loan officer and Realtor® so suitable arrangements can be made.

 

Receiving the “Clear to Close” is a significant step towards securing your new home. Stay vigilant during the document review and ensure financial stability leading up to the final closing.

SEE ALL 21 STEPS
21 BUYER STEPS

FREE DOWNLOAD

TO PURCHASE A HOME
Get the full PDF download
DOWNLOAD
By Bonners Ferry Herald September 18, 2024
Best Realtor - 1st Place Best Commercial Realtor - 2nd Place Best Real Estate Agency - Century 21 Four Seasons - 2nd Place
September 16, 2024
Step 10 - You've Sold Your Home!
April 4, 2025
With the warm weather we’re all ready to get outside and enjoy the sunshine! The Riverside Park is the perfect place to hang out with family and friends! With two baseball/softball fields, picnic tables and bathrooms, you can bring a whole group to play ball, have a picnic and a great time! Located right on the Kootenai River, across from downtown Bonners Ferry, this park is easy to access year round, with a 0.7 mile wheelchair accessible walking trail loop through the park and along the riverbank. It’s the perfect little trail to walk your dog, take the kids, or just enjoy all the different seasons in North Idaho. With views of the Cabinet Mountains, downtown Bonners Ferry and Kootenai River, it’s a perfect place right by town to get outside and breathe some fresh mountain air.
By Darci Price April 4, 2025
PRICE REDUCED - 4 Acres of Organic and self Sufficient Land!
By Adriana Rice March 30, 2025
FOR SALE - Private 10 Acres with Kootenai Valley and Selkirk Mountain Views
By Kirsten Madden March 21, 2025
NEW - AVAILABLE AT AUCTION SITE ONLY! AUCTION OPENS APRIL 21ST
By Jim Greenslitt March 21, 2025
NEW - Level and Open 17.47 acres near McArthur Lake!
By Adriana Rice March 13, 2025
PRICE REDUCED - Live on a private road in a beautiful custom home on 1.25 acres!
By Kirsten Madden March 10, 2025
PENDING - Build your Idaho Home on these timbered 5 acres!
By Kirsten Madden March 6, 2025
NEW - Storefront & 115 unit mini storage in Bonners Ferry!
By Kirsten Madden February 28, 2025
SOLD - Recently renovated Single Wide Manufactured Home in bonners Ferry!
By Kirsten Madden February 20, 2025
NEW - 2360 sq ft commercial office space for lease
Show More

Share This:

Share by: