Funding Your Home Purchase
The Signing Process
When your lender is ready to ‘close’ or ‘fund’ your loan, it’s time for the final step: signing the loan documents. This usually takes place in front of a notary or an escrow officer. To prepare, ask your mortgage broker if you need to bring a photo ID or a cashier’s check. Allow yourself ample time to review all documents for accuracy.
Wiring Instructions
If funds are being wired, ensure the “wiring instructions” for the electronic transfer of money between financial institutions are arranged ahead of time. Both the sender and recipient should verify these instructions for accuracy. Precision is critical, but even with exact instructions, delays can occur.
Congratulations! Once the money has been transferred and the loan is closed, your mortgage broker will likely call to confirm. Always follow up with a phone call to ensure the loan funds were transferred correctly. Keep records of this crucial phase to maintain a clear transaction history.
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