Carlsbad Real Estate News and Views

Here's the REAL scoop on living in Carlsbad ~ beaches, things to do, places to eat, community events, and of course neighborhoods, homes and the Carlsbad real estate market in general, including surrounding communities like Encinitas, Cardiff, San Marcos, Oceanside, Solana Beach and Del Mar.

Buyer FAQ: What Does “You are Clear to Close” Mean?

Buyer FAQ:

When Getting a Loan What Does “Clear to Close” Mean?

 

 

For home buyers in Carlsbad, there are several common phrases typically heard in a real estate transaction that will bring a smile to the face, and perhaps a more jubilant reaction.

 

 

The first is “your offer has been accepted.” Who doesn’t rejoice when this is heard, especially when there are multiple offers?!

 

 

The second is commonly “the appraisal came in at value” or “the house appraised.” Waiting for the results of the appraisal is always a tense time, especially when your offer is high or above asking price. I just went through this with another buyer. Success, yay!

 

 

The next joyful phrase you hope to hear is “we are clear to close.”

 

 

So what does that mean?

 

 

Suffice it to say the mortgage application process is a complex one, with a ton of documentation you will have to provide the lender – bank statements (all pages, even blank ones), employment verification (pay stubs, W-2s, 2 years of taxes), other proof of assets, and the list goes on. See this excellent article by John Meussner  that summarizes documents needed to get a mortgage. The lender also verifies your credit, reviews the purchase contract, checks the title, and of course requests and reviews the home appraisal.

 

 

loan approval means moneyOnce all documents have been submitted, analyzed and verified, and the appraisal has been received, reviewed, and deemed satisfactory, the underwriter will let you know that you are clear to close.

 

 

In other words, your loan is approved and the loan documents can be prepared for you to sign in the future. The timing will depend on when you are scheduled to close and the lender’s standard process.

 

 

The last phrase I love sharing with buyer clients once closing has occurred is “we are on record.” Congratulations on your new home! Here are the keys!!

 

My Jeff Dowler signature

 

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If I can provide more information about Carlsbad homes and real estate for sale and surrounding areas, the housing market in general (or locally), or otherwise assist you, friends or family in a home search or sale, please contact my mobile office or text me at (760) 840-1360 or email me at JeffDowlerSolutions@gmail.com

Serving Carlsbad (including Aviara, La Costa & Carlsbad Village),  Encinitas (including Leucadia & Olivenhain), Cardiff, Solana Beach, Del Mar, La Jolla, Rancho Santa Fe, San Marcos (including San Elijo Hills), Oceanside, Escondido, and San Diego

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Comment balloon 21 commentsJeff Dowler • June 17 2017 03:14PM
Buyer FAQ: What Does “You are Clear to Close” Mean?
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