Definition
The stage in the mortgage process when the underwriter has reviewed and approved all conditions, meaning your loan is ready to fund. Receiving a CTC typically means you're within a few days of sitting down at the closing table.
Related Process Terms
A professional assessment of a property's fair market value, conducted by a licensed appraiser. Lenders require an appraisal to confirm the property is worth at least the loan amount before approving financing.
The final step in a real estate transaction where ownership legally transfers from seller to buyer. You sign all loan documents, pay closing costs, and receive the keys to your new home.
A five-page document provided at least 3 business days before closing outlining the final terms of your loan, rate, monthly payment, and all closing costs. Compare it carefully to your Loan Estimate to catch any discrepancies.
A condition that must be met for a real estate contract to remain binding. Common contingencies include home inspection, financing, and appraisal. If a contingency isn't satisfied, the buyer can typically walk away without losing their earnest money.
Helpful Resources
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