Funding On A Mortgage Home Loan With Best Realtor in Dallas, Texas

Funding on a mortgage home loan is the final stage in the home buying process. However, there are a few things you need to know about it and what’s required before a loan is finalized. Once the closing documents have been signed by all parties (i.e. you and the sellers), the title company sends the necessary documents to our Closers for funding authorization. Once our Closers review the signed docs and clear any funding conditions they will provide the title company with the “funding number” to access the money for funding. The title company will then receive the funds and provide the official notification to you that the loan has funded (and you’re now in a ton of debt).

The Timing Of Funding

Funding For Purchases

The morning of Closing, our Closers order a wire so that the money is available for the title company – all title will need is a “funding number” emailed to them to access the funds. Funding typically occurs within a few hours after all parties sign the closing documents. If you are really impatient, you’re welcome to ask the title company to sign the “funding documents” first. This allows them to send those documents to us within the first fifteen minutes of closing so we can then issue funding authorization while you sign the rest of the “junk docs”.

Funding For Refinances

For refinances on a primary home, the funding will occur on the fourth business day after closing due to a mandatory Three Day Right Of Recession. This recession period does not count Sundays or Federal holidays. For example: if a refinance on a primary home closes on a Thursday, the loan will fund the following Tuesday since Friday (day 1), Saturday (day 2), and Monday (day 3) are the rescission days.

Keys and Possession

We, the lender, are not privy to the details that involve taking possession of the home. Check with your Realtor to determine how (and when) you will gain access to the home. The following are typical methods for the transfer of keys:

  • The sellers may leave the keys at the title company and require that funding occurs before providing you with the keys. This means you either need to wait around for funding or go back to the title company to pick up the keys once it’s funded.
  • Your Realtor provides you the keys after funding occurs. Truthfully, the Realtor often provides the keys to a buyer at the closing table with the understanding that the buyer waits for the official funding before visiting the house.
  • Occasionally the sellers will instruct your Realtor to provide you with the key in the lock box after funding has occurred.

Ultimately you need to check with your Realtor to determine how the keys will be provided

After Closing

Once your loan has funded, be sure to check out our After Closing section to learn what you need to do in the next 30 days and at the beginning of next year.