CLOSING AND FUNDING IN MORTGAGE

  CLOSING AND FUNDING IN MORTGAGE  The final stages of the mortgage loan procedure are closing and funding. Borrowers sign loan documents at the title company at closing. After a lender analyses the signed loan documentation and transmits monies to the title company, the loan is funded.                               After funding – which can happen hours after closing – a home loan becomes official. Buyers are not given access to the home until the loan is funded for purchase transactions, so they should plan carefully when scheduling new home services (like movers, cable, painters, etc.) The purpose of the loan (buy vs. refinance), the occupancy (owner occupied vs. non-owner occupied), and the seller all influence when a loan is funded (individual vs. a builder). The majority of house purchase loans (as well as non-owner-occupie...