What exactly does clear to close mean?

[Happytobe]

Does that mean everything complete?  and I mean everything..last min credit checks etc. . My apologies, probably redundant.

[Mrs_hambright]

Yes.. That's exactly what it means!' All conditions are clear & you will close on your home on the schedule day

[Peter1142]

No that is not true. In my case, it meant the underwriter was done with the file and approved it, but I still had to go through routine quality control and final credit SP.

There are no guarantees these days until your loan has been funded. In some rarer cases they will check your credit AFTER closing.

[Happytobe]

Thank you

[Peter1142]

Don't worry as long as there is nothing new you'll be fine!

[ezdriver]

The lender's closing department issues the clear to close ... not the underwriter.

[OnOurWayHome]

Clear to close means you are completely good to go and you will close .  The time when the underwriter has finished everything he needs to do is conditional or full approval

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@Peter1142 wrote:
No that is not true. In my case, it meant the underwriter was done with the file and approved it, but I still had to go through routine quality control and final credit SP.

There are no guarantees these days until your loan has been funded. In some rarer cases they will check your credit AFTER closing.

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[ezdriver]

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@OnOurWayHome wrote:

Clear to close means you are completely good to go and you will close .  The time when the underwriter has finished everything he needs to do is conditional or full approval

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@Peter1142 wrote:
No that is not true. In my case, it meant the underwriter was done with the file and approved it, but I still had to go through routine quality control and final credit SP.

There are no guarantees these days until your loan has been funded. In some rarer cases they will check your credit AFTER closing.

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I agree with Peter. A clear to close does not guarantee a close. The lenders closing department has to complete several checks, collect some docs, prepare the HUD-1 statement, review it with the borrower, etc ... before a closing can occur. I have seen deals die AFTER the clear to close.