Clear to Close and How to Get There

When you are buying a house you’re trying to get to a step called “clear to close”.  That’s where you have reached the point where you have resolved all of the requirements from your mortgage company (that’s us!) and you are ready to buy a new home.  You have met all of the underwriting conditions for the borrower, giving us all of your documents.  The funding conditions have been met, including the down payment AND closing costs.  We have completed quality control steps, running a final credit check and looking into your employment.  At this point, you are “clear to close” and have hit your mark for your purchase.  There are a lot of steps to get there, though.  Here’s a guide on clear to close and how to get there, which will be especially useful for first-time homebuyers.

When you are getting clear to close, make sure that you respond punctually to us, and give us the documents that we need quickly.  That’s not for us, guys.  We are trying to get your loan closed so you can buy your home.  When we ask for a document, we are working on getting you into your house.

Don’t do anything crazy.  If you change jobs, get a divorce, file bankruptcy, get sued, take out other loans like cars or boats or whatever, you may have to start the whole process over, because it’s going to change your credit and score.  Keep the status quo throughout the process and you’ll be fine.

Make sure that we have your proof of employment.  We can help you get this filled out, but have to have it for your loan.  If you get this together, you’re ahead of the game.

Your credit can’t have big changes.  Just like we talked about not taking out loans, you don’t want to add debt or change your savings.  Don’t buy your furniture before you close on your house.  If your cell phone breaks, let us know so we have a letter of explanation on what happened.  Just don’t make large purchases during the process unless it’s absolutely necessary.

Stay in contact with us.  If you have a question on whether you should do something or not during the loan process, ask us.  We will give you the best practices advice that we have gained over 20 years in the mortgage industry.  No matter what you come up with, we’ve probably dealt with a similar experience and can give you the best way to handle it.

If you follow all of these pieces of advice, you can get to clear to close and buy your home without issues.  Let us help you buy the home of your dreams.

Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, Nashville at (615) 810-8555 or Birmingham, AL at (205)721-7656.  You can always apply online at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?

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