“If mortgage rates remain this low, more existing-home owners may be enticed to move. It’s clear that demand for existing homes. which is largely a function of supply and demand. Knowing how close.
“Lending teams spend a lot of time jumping between different platforms to move a loan from application to clear-to-close,” said Lindsay Hunt. “We built our integration with Ellie Mae’s Digital.
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Line Of Credit Home Equity When To Refinance A Mortage When (and when not) to refinance your mortgage. Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance: the opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (arm).A home equity line of credit is a second mortgage that turns home value into cash you can access as needed. HELOCs require a 620 credit score.
The clear to close letter represents passing one of the major hurdles, but it isn’t the last one. Getting all the way through the subsequent closing process can test your patience, but hang in there.
That’s a fair question but the fact is the approval process at a mortgage company is a path. When you’re absolutely, 100 percent approved, you’re in the "clear to close" category. Lenders are careful when issuing any sort of prequalification, preapproval or loan approval and make it clear that the loan application is fully approved.
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The mortgage commitment is an important step in the approval process. But it doesn’t mean you’re out of the woods entirely. The commitment letter might come with a list of conditions you must satisfy, before the lender gives you the clear-to-close signal.
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Before the mortgage is cleared to close, the mortgage company verifies the documentation you have submitted. A processor checks that your paperwork is complete and validates the information you provide, such as your employment information. He also verifies your living situation with your current mortgage holder or landlord.