The home-buying process is full of acronyms! When a loan is fully approved it is Cleared to Close or CTC. This is a celebration because your loan is ready for final closing documents to be sent to Escrow.
What Does Closing Day Look Like?
- 1. Sign Documents
Once you sign all loan documents, you scan and email them back to your lender. More and more lenders are using eSign for part of the closing process, so you may sign some documents on paper and some on a computer.
- 2. Loan Released for Recording
After the lender receives your documents, they release the loan for recording.
- 3. Wire Transfer Requested
Your team requests a wire transfer to send to the closing agent.
- 4. Receive your Keys
In some states, you receive the keys to your home when you sign documents. Your ownership is official at the time of signing. In other states, you have to wait one or two days prior to receiving your keys and taking ownership of the property. Ask your lender for details on which process applies to the state you are purchasing in.
What Do You Need To Bring?
- Photo Identification
This is for the Notary to verify your identity.
- Certified Funds
You use this as your final cash to close on your loan. Often with a VA Loan, you DO NOT have any required Funds to Close (if you negotiated to have the seller pay your closing costs). With seller-paid closing costs, the lender rolls the closing costs into your loan.
- Original Power of Attorney
You need a POA if all parties aren’t present for the loan closing day.
When Is Closing Day?
After they receive your documents via email, the Escrow or the Attorney’s office contacts you to schedule a signing appointment! They will also tell you how much money you need to bring to the closing table.
Have more questions? Not sure if you’re eligible for a VA Home Loan? You can connect with a VA Home Loan Specialist below:
