Financing Process
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Funding the Deal-
Signing the Loan:
When your lender is prepared to ”close” or fund your home financing loan, your real estate agent and your mortgage broker will direct you sign the final loan documents. This process usually is executed in the presence of a notary public officer or escrow officer. You mortgage broker can tell you how to prepare for this—i.e., if your photo ID is required at the signing or if a cashiers’ check is necessary if any funding will be changing hands. The documents are long and complex, but it’s in your best interests to plan for enough time to review them thoroughly.
If funds are being wired:
“Wiring instructions” directs the electronic transfer of funds between financial companies. It will benefit you to arrange to have any wiring instructions submitted prior to document signing, and verified for accuracy by both the sender and recipient. It is critical that these instructions be exact; and even so, delays are all too common.
Congratulations!
Your mortgage broker next will notify you that the money has been transferred and the loan has closed. To ensure that all conditions have been satisfied, consider following up to confirm that the loan funds were distributed to the proper place. And of course don’t throw anything away-it’s always prudent to preserve all records of this critical phase of the transaction.
