When buying a house, at what point is the mortgage loan considered “funded” ?

Deal Score0

Does the transfer of funds happen before/during/after the closing?

  1. Reply
    February 17, 2011 at 4:22 am

    When the title company receives comfirmation of the wire transfer.

  2. Reply
    February 17, 2011 at 4:29 am

    When the mortgage company has released the funds to the escrow company for distribution.

  3. Reply
    February 17, 2011 at 5:07 am

    The mortgage is funded when the payment is made from the lender to the seller/builder through a third party (usually a title company).

  4. Reply
    February 17, 2011 at 5:33 am

    When the lender wires the money to escrow.

  5. Reply
    Blonde Bomb Shell
    February 17, 2011 at 6:11 am

    Once everyone has signed the documents during closing and they get an okay from the lender to fund the transaction…that is when the loan is funded and the checks are disbursed.

  6. Reply
    February 17, 2011 at 7:10 am

    I’d consider it funded when the buyer and seller have signed all their documents, including the financing and the deed, and the money is ready to change hands.

    Leave a reply

    Register New Account
    Reset Password