Clear To Close On Mortgage

1. Clear to Close On Mortgage And Timeline From Application To CTC
* What does clear to close mortgage mean? A clear to close on mortgage (CTC) is ultimately the finish line in the mortgage process.

- A clear to close is when the mortgage lender have processed the mortgage loan application.
- Clear To Close are issued by mortgage underwriters.
- Prior to CTC, the mortgage underwriter has underwritten the mortgage loan.
- The mortgage loan applicant has provided all of the conditions requested by the mortgage loan underwriter.

2. When Can Mortgage Close After CTC?

* Due to new TRID Mortgage Guidelines, once a CTC is issued, there needs to be a three day waiting period before a loan can close. Just because a clear to close has been issued does not mean that the closing is guaranteed. Up to the date of the closing, borrowers should not do the following:

- Apply for new credit
- Shop for new furniture
- Make irregular deposits or withdraw funds from bank accounts
- Quit their jobs
- Be late on payments

Lenders can pull credit up to the date of closing. Lenders may do a final Verification of Employment, Verification of Deposit, or other QC control up to the date of closing.

3. Qualifying For Mortgage With Direct Lender With No Overlays

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[TeslaBoy]

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