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Clear to Close is term that mortgage companies use when everything has been completed with the processing of your mortgage application thus allowing you to close. For example: all the documents that you have provided to your loan officer have been approved by the underwriter which is approving your loan.
A set guideline determines how long it takes a file to achieve "cleared to close" status, but you have at least one way to avoid unnecessarily delaying the underwriting process on your end.
The loan process is broken up into 6 parts: Documentation, Appraisal, Underwriting, Conditional Approval, Clear-To-Close, and finally the Closing.
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Clear to Close (CTC) means all conditions of your loan have been met and the loan underwriter has given his blessing to release instructions to the title company for the closing. If you’re buying a home and you’re purchasing the home through financing, this is your goal: clear to close.
The clear to close letter is essentially the letter of final approval. It means that any conditions that had to be met for the loan to move forward have been met, whether those conditions are from the buyer’s side or the lender’s side. This letter clears the way for the closing process to begin.
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While FHA loans share several similarities with conventional mortgages, the process required to receive final approval — clear to close — for FHA loans has several differences. These differences can affect the time needed to close on a home purchase.
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Similar to a prior to fund condition, a clear to close means there is nothing left that needs to be completed other than signing the closing papers. Everything has been cleared. You attend the closing, sign and initial where indicated and the settlement agent returns your signed documents to the lender for review.