clear to close

Definition

The glorious moment when underwriting has approved all conditions and you're authorized to actually close on the property. It's the green light you've been praying for after weeks of document requests.

Example Usage

We finally got our clear to close—only took four bank statements, two pay stubs, and a notarized letter explaining that $20 Venmo transaction.

Origin

Modern mortgage industry terminology from the 2000s

Fun Fact

Even after receiving clear to close, lenders can still pull your credit before closing, so don't finance that new car yet.

Source: Mortgage underwriting terminology

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