My mortgage broker told me she's waiting on the ';clear to close';. What does that mean exactly?

I was told we were pre-approved. Then that we were approved. I thought it had already gone through underwriting. Can someone help? I need to know the process in layman's terms!My mortgage broker told me she's waiting on the ';clear to close';. What does that mean exactly?
Pre-approval just means the amount you want to borrow has been OK'd.





The clear to close means all the other things needed to close have been taken care of.





Things like:





1. appraisal of your property (to make sure they aren't lending you more than it's worth)





2. Check of the city for leins. Meaning there aren't any outstanding judgements on your property placed by people you owe money to.





3. inspection of your property (to make sure it has no structural problems you might not be aware of.) They would not want to lend money on a house about to collapse.





4. survey from the city. To make sure their legal description of the property matches what you think you are buying. That way they don't lend you money to buy something a portion of which is legally someone elses.My mortgage broker told me she's waiting on the ';clear to close';. What does that mean exactly?
simply put- ';clear to close'; mean OK from the lender to schedule transaction to be finalized-
That means that ALL the paperwork is in place - financing, appraisal, inspection, payoff letter from the seller's lender, title search, etc., etc.
She's just waiting for the underwriter to cross all the ';T's'; and dot all the ';I's';. It's normal. The term means she knows everything is in place to close the transaction.
The agent is waiting for the ';bring-down'; of your credit reports, the approval of the underwriter, mortgage commitment letter and the necessary requirements the Seller must have.





There will be a final bring-down on the day before or on the day of settlement. This is to make absolutely certain the lender is protected from getting involved in a bad transaction.





DO NOT borrow any money.





DO NOT cosign for any one! NOT EVEN parents or siblings.





Thanks for asking your Q! I enjoyed answering it!





VTY,


Ron Berue


Yes, that is my real last name!
probably waiting on the loan or title company.