The “cleared to close” meme is a popular way to poke fun at the often stressful and anxiety-inducing process of getting a mortgage. The meme typically features a picture of someone – usually afamous or well-known figure – looking relieved or satisfied, with the caption “cleared to close.” The meme often speaks to the sense of relief that comes with finally getting a mortgage, as well as the often-complex and confusing process of securing one.
A meme is an image, video, or piece of text that is copied and spread throughout the internet. The term “cleared to close” is often used when referring to a meme that has been widely accepted and is considered to be ” cleared” for posting or sharing.
What does clear to close mean?
“Clear to close” means that your lender has fully inspected your documents and verified that you meet the expectations of the type and amount of mortgage you’re requesting. At this stage, you’ve met the requirements and conditions to close on your mortgage.
It’s possible for a loan to be denied after clear to close if your credit score drops or you lose your job. It’s best to think of clear to close as approval that is contingent on your credit and employment, which the bank will check once more after clear to close.
What is the difference between mortgage commitment and clear to close
A commitment letter is a pledge from a lender that they will loan money to a borrower, provided that all final conditions are met. A final approval, or “clear to close”, means that everything is complete and there are no loose ends.
A Closing Disclosure is not the same as being declared clear to close, but it typically comes after you have been cleared. After reviewing your Closing Disclosure, you can look forward to a final walkthrough of the home and closing day itself.
What to expect after clear to close?
If you have recently quit your job or changed your employment status, your loan status may be at risk. Your lender will check your credit and employment one more time before closing to make sure there haven’t been any major changes.
As you get closer to your closing date, your lender will send you a Closing Disclosure form. This form will outline all of the final costs associated with your home purchase, and you’ll have three business days to review it before signing. Make sure to closely review the form so that you understand all of the costs involved in your home purchase.
Is credit checked before clear to close?
This is to ensure that there have been no major changes to the borrower’s financial situation that could impact their ability to repay the loan.
It’s important to wait at least a full business day after closing on a home purchase before applying for any new credit cards. This will ensure that your loan has been funded and disbursed. Once you have the keys, you can start to explore your new credit card options.
Do lenders pull credit day of closing
Most lenders will not pull your credit on the day of closing, but they may run another credit check just before giving you the final approval. So, it’s important to make sure you don’t open any new credit accounts or rack up any additional debt in the meantime.
Being conditionally approved for a mortgage puts you in a great position as a homebuyer. This is because it shows that you have already gone through the underwriting process and are therefore ready to move forward with purchasing a home. When a mortgage reaches final approval, it means that everything is in order and you are clear to close on your home.
How long does it take for underwriter to clear to close?
The underwriter has given the green light and you are cleared to close on your home. Take a big breath and sign on the dotted line because you are almost a homeowner!
It’s important to remember that receiving a mortgage commitment letter doesn’t mean that you’re clear to close on the loan. The underwriting process is still ongoing and there could be changes that need to be made before the loan is officially approved. Always stay in communication with your loan officer to ensure that everything is on track for a smooth closing.
What not to do after closing on a house
You’ve finally closed on your dream home and the house is officially yours. Congrats! But before you start celebrating, there are a few things you shouldn’t do after closing on a house.
1. Don’t do anything to compromise your credit score. This is important because your credit score will affect your ability to get loans in the future.
2. Don’t change jobs. Lenders like to see stability in your employment history and changing jobs right after closing could jeopardize your loan.
3. Don’t charge any big purchases. Now is not the time to go on a shopping spree. Charging large amounts of money to your credit card can negatively impact your credit score.
4. Don’t forget to change the locks. This is an important security measure to protect your new home.
5. Don’t get carried away with renovations. It’s tempting to want to do a complete makeover of your new home, but resist the urge. Stick to small projects that you can realistically finish and that won’t break the bank.
6. Don’t forget to tie up loose ends. There are a lot of details that need to be taken care of after closing. Make sure you change your address with the post office
There are a few things that will give you a good idea of whether or not you’ll be approved for a mortgage: your credit score, the amount of your down payment, your existing debts, and your employment history. If you have a good credit score, a decent down payment, low existing debts, and a steady job, you’re likely to be approved for a mortgage.
Is a closing disclosure a good thing?
The closing disclosure is an important document that you will receive during the mortgage process. This document spell out all of the details of your home loan, including the money you will need to bring to closing, your interest rate, and your total monthly payment. It is important to review this document carefully to make sure that everything is accurate and that you understand all of the terms of your loan. If you have any questions, be sure to ask your lender or real estate agent for clarification.
This is the final step in the mortgage process, and it means that you are clear to close on your loan. There is a mandatory three-day waiting period after you receive the Closing Disclosure before you can sign your loan documents. The law mandates that you be allotted this period to review your final loan terms and consult with any advisors that you need.
Conclusion
A “cleared to close” meme typically features a screenshot of a text message or chat conversation in which one person tells another that they are “cleared to close” on a real estate deal. The meme typically plays on the fact that the phrase “cleared to close” can sound like something else entirely when said out loud.
In conclusion, the “Cleared to Close” meme is a relatable and humorous way to express the relief and happiness that comes with finally being able to close on a house. For anyone who has gone through the stressful process of buying a home, this meme will resonate.