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New Member
Posts: 19
Registered: ‎12-07-2012
0

Please Explain the Lingo lol...

So I got an emai from my l.o. stating I have final approval, along with a mortgage commitment letter, and they instructed my realtor to set up closing for Tuesday.
As a first time homebuyer, my brain is completely scrambled, even still, FRIED, from the whole process. I think this is what I have seen referred to here as "clear to close", but just wanted to see if I could get some help decoding the lingo and what happens from here.
Thanks all!
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Please Explain the Lingo lol...

Thats it. You are cleared to close.

Congrats
Good Luck
May all your dreams and wishes become a reality!
Contributor
Posts: 98
Registered: ‎12-20-2012
0

Re: Please Explain the Lingo lol...

Congrats
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Please Explain the Lingo lol...

Congrats!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
New Member
Posts: 19
Registered: ‎12-07-2012
0

Re: Please Explain the Lingo lol...

Sweet music to my ears! Thanks all!!! Man I'll tell ya... the wealth of knowledge about credit, loans, etc. found on this board is an absolute godsend!!!
Established Contributor
Posts: 546
Registered: ‎12-28-2012
0

Re: Please Explain the Lingo lol...

Congrats :-)

My Wallet: Amex Express BCE $27,000, Amex Express Blue Sky $6,000, Discover $10,000, Chase Freedom $5,000, Capital One $3,750, Barclay $8,500 (AU), Jared $10,000, Pottery Barn $8,000, Sam's $10,000, Ashley's Furniture $6,000, Lowe's $7,500 (AU), Express Next $3,360, and Macy's Store Card (Joint Account) $2,000.

Last Application March 25, 2014. Score ranges 700+
New Contributor
Posts: 167
Registered: ‎12-04-2012
0

Re: Please Explain the Lingo lol...

Congrats.  =)  Be sure to ask questions and peruse everything at closing.  You will be signing a lot, and though I hear it's easy to just sign and move on you'll want to take the time to understand everything. 

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Please Explain the Lingo lol...

+1, it took about an hour to close on our mortgage because I had a few questions and then after the docs were signed, I had to wait for the loan to be funded.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014

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