How long will it take to clear our conditions and receive Clear to Close?

[dlynk196]

Hi Forum,

we submitted our few final conditions last week, 3.5.15. All our other conditions were cleared prior, these final two submitted on 3.5.15 were the appraisal and the insurance binder. Does anyone know how long it takes to clear these final conditions? Should I hear this week? Also, outr scheduled closing date is set for 3/27/15. Will the bank actually wait that long, or is it common to get a clear to close earlier and close earlier?

Thanks!

[ezdriver]

Those should have been cleared today. Call your loan officer and ask for an underwriting update. Once the underwriter declares the file "cleared to close", your closing date/time should be set.

All the best. You are very close to receing the keys!

[dlynk196]

Thanks so much! I'm just really anxious and want to hear those 3 words from my LO.

She stated the Appraisal and binder were sent to the bank the evening of 3.5.15. So being safe I call Friday business day 1, and the end of today business day 2. I will take your advice and reach out if I don't hear anything by the end of day. I'm hoping to hear something asap, and potentially close this Friday (We are purchasing the single family home we have been renting) so the eventhough 3/27 is the contract closing date; we are good to close right when we get a clear (fingers crossed)

[StartingOver10]

Most of the time the lender needs 24 hours to 72 hours to prepare the closing package for the title company/closing attorney once you hear the three magic words "clear to close".  Some lenders can move a little faster, but know that it is normal to have a prep time for the closing package and HUD preparation and approval.

Sometimes underwriters and processors work toward a date to close - in other words they may move files ahead of you if their date is prior to 3/27. So speak to your LO so he can notate somewhere in your electronic file that you can close earlier than the contract closing date. You LO may have already made the notation - just mentioning it jic.

[ezdriver]

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@dlynk196 wrote:

Thanks so much! I'm just really anxious and want to hear those 3 words from my LO.

She stated the Appraisal and binder were sent to the bank the evening of 3.5.15. So being safe I call Friday business day 1, and the end of today business day 2. I will take your advice and reach out if I don't hear anything by the end of day. I'm hoping to hear something asap, and potentially close this Friday (We are purchasing the single family home we have been renting) so the eventhough 3/27 is the contract closing date; we are good to close right when we get a clear (fingers crossed)

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Yippppeeee .... no moving day? You will miss the joy of moving. Maybe you put everything out on the law and move them back into the house jus so you can experience the "joy" of moving. Sounds like you are in a great position.

[dlynk196]

Too funny! Maybe I will just rent a UHUAL and take a trip around the block! Update - Heard this morning from my loan officer that underwriting has cleared all of our conditions! We are good to go! She mentioned the only thing remaining before we can schedule is she needs to work on the closing numbers? She did say she will get on that this afternoon. Do you know what this is? Anyone think Friday (3.13.15) would be manageable for a closing? Thanks!

[mnat]

I'm sure she is just updating your GFE numbers. It literally changes daily because your daily interest is calculated into it.

[ezdriver]

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@dlynk196 wrote:

Too funny! Maybe I will just rent a UHUAL and take a trip around the block! Update - Heard this morning from my loan officer that underwriting has cleared all of our conditions! We are good to go! She mentioned the only thing remaining before we can schedule is she needs to work on the closing numbers? She did say she will get on that this afternoon. Do you know what this is? Anyone think Friday (3.13.15) would be manageable for a closing? Thanks!

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What she means is that the lender has to prepare a package of documents [one being the HUD1/settlement statement] which will then be sent to the closing agent. Everyone has to approve the numbers on that HUD1 document. No closing will happen until a final/approved version is ready.

Whoooo hoooo ... house-warming party scheduled?