When does my loan fund?

When does my loan fund?

Ron Goodlin (Mortgage Banker and Broker, The Goodlin Group) gives expert video advice on: Is it possible to pay off my mortgage loan early?; Is there a penalty for paying off my mortgage loan early? and more...

Your loan will fund at the very end of the process obviously. Once we have we have your loan approved, once conditions have been met, once you have actually signed the final legal documents. Those legal documents need to go back to the lending institution.The lending institution then will review those loan documents, make sure everything is accurate, and once that's done. They will then disperse a wire out to the escrow company and the seller, and the buyer, you, all that money will exchange hands at once. And that's called funding and usually the following day it will officially record down at the county as a legal document and that's when you get to pick up your keys.The only thing to pick up your keys to your new home is when it funds. It has to record down at the county office.