734.506.6300The Homebuying Process
Clear to Close
Congratulations
Once your loan receives an approval from underwriting, it will then be submitted for a clear to close. This is where underwriting does its final review and approves your loan to close. This means that you have met all the requirements and qualifications to purchase the home. At this point you are usually just days away from being a homeowner. Either your agent or loan officer will be reaching out to you to schedule a good day, time, and location for you to close. The closing usually takes place the title company, or agent’s office. Before closing, you will perform the final walk through of the home with your agent.
What to Expect
You will receive your final numbers for your monthly payment and cash to close generally 1 or 2 days before closing. If you have cash to close, then you will either need to obtain a cashier’s check or a wire for the amount. You will also need to bring your ID. Your loan officer will help direct you on this.
When closing day comes and you are seated at the closing table, you can expect to sign a lot of paperwork. The closing agent, who works for the title company, will go over every document with you and explain what it is. It’s important that you understand what you’re signing. Be sure to ask your closing agent, realtor, or loan officer any questions you may have. You may be able to obtain a copy of the paperwork you are signing before closing, so you can ask questions ahead of time. This is something you would ask your loan officer for. You may or may not be closing with the sellers. The sellers may sometimes pre-sign all the documentation earlier, and not attend the closing.
After signing everything and the closing is done, you will receive the keys for your new home. These will be given to you by the sellers or the title agent if they are not there.