What clear to close means
After you apply, an underwriter reviews your file and usually issues a conditional approval with a list of items to provide. These might be a recent pay stub, a letter about a deposit or proof of homeowners insurance.
Once each condition is met and the appraisal and title work are complete, the lender issues a clear to close. It's the green light to finalize your closing date.
What happens next
- Your Closing Disclosure arrives at least three business days before closing
- You review it against your Loan Estimate and ask questions
- You arrange your cash to close with the settlement agent
- You do a final walk-through of the home, if you're buying
- You sign your documents at closing
Review your Closing Disclosure
The Closing Disclosure shows your final loan terms, monthly payment and cash to close. Compare it with your Loan Estimate. Some changes are normal, such as updated prepaid interest or escrow amounts.
With CapCenter's ZERO Closing Costs (restrictions apply), many lender and third-party fees are paid or waived. You'll still see items like escrow deposits and prepaid interest, which aren't covered. See Offer details for the full list.
Keep your file steady
Your loan can still change after clear to close if something in your finances changes. Lenders may re-verify your employment and check your credit again right before closing.
- Don't change jobs or reduce your hours
- Don't open new credit cards or take out new loans
- Don't make large purchases on credit, like furniture or a car
- Don't move large sums between accounts without telling your loan consultant
Send your closing funds safely
Wire fraud is a real risk at closing. Criminals send fake emails that look like they come from your agent or settlement agent. Before you wire money, call the settlement agent at a number you already know is real, such as one from your contract, and confirm the instructions. Never trust a last-minute email that changes where to send money.
If something comes up
If you get a new job offer, a surprise bill or a change in your plans, call your loan consultant right away. It's much easier to solve a problem before closing than after a delay.
