"To close the loan" means to complete all the necessary actions and paperwork to officially end the loan process and receive the borrowed money. Full definition
There is a relatively small percentage of close loans with scores below that mark, but the vast majority had scores of 600 or higher. (homebuyinginstitute.com)
This gives the seller assurance that the transaction will go smoothly and will also save you valuable time closing your loan. (teamvitek.com)