The Loan Process -
Funds
Signing
Here comes the best part. Once your lender
has agreed to close or fund your loan, the
signing can begin. Before this happens,
however, be sure to verify and finalize
all the documents, and to supply any additional
requirements (such as photo IDs or cashiers’
checks). The final loan documents are usually
signed in the presence of an escrow officer
or a notary.
Wiring funds
Your payment is either automatically deducted
or wired—in the latter case, the money
is electronically transferred between financial
companies. Make sure that the wiring instructions
as well as all important numbers must be
clarified and checked for accuracy by both
parties.
Give yourself
a pat on the back. Your loan is now funded!
Tie up any loose ends by confirming the
money transfer with your broker and filing
all pertinent documents of the transaction.
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