This is an important enough topic that we focus our attention directly on the short period of time that precludes you getting the keys to your new home. In short, this is the final step of the Home Buying Process.
Signing Your Loan Documents
There are many different disclosures and pages in Mortgage Loan Documents, which also include a small packet of Title and Escrow paperwork required to complete the Home Buying Process.
Once your Loan Documents are signed, they will be messengered back to Escrow and your Lender for final processing.
Funding Your Loan
Once all of your Prior to Funding Conditions are met, you are clear to close, you loan will Fund. Depending on what time of day your funding is scheduled for, may determine when your records and you’re Clear for Keys!
It’s Not Done, Until it’s Done
Now that you’re down the final hours of the Home Buying Process, this is no time to lose your patience. Escrow is not closed until you’ve been given the keys by your Real Estate Agent or Escrow.
DO NOT schedule the moving trucks or furniture deliveries before you have your keys! I’ve seen too many times where some “i” wasn’t dotted or some “t” wasn’t crossed on some paperwork somewhere that causes the closing to be delayed by a day, or two, or even more in some cases.
This is the time to be gather your last ounces of patience and hold on tight. Funding and Recording will go smoothly in most cases, in the cases where it doesn’t go smoothly and there are delays, be patient and make sure you’re communicating with all parties to meet any last requests or conditions.
In most cases, there is nothing more that needs to be done by you – just wait patiently for all parties to wrap up their loose ends, everyone is motivated to close escrow as soon as absolutely possible.
Once confirmation is give by the Lender that your Loan Has Funded, the Recording of your Deed of Trust can be completed.
Once confirmation of the Recording is received, you Get Your Keys! Congratulations, you’re a Home Owner.
It is at this point also, where your Home Buying Team gets paid for their hard word on your Purchase. If you wish to say “Thank You” to your Loan Officer or Real Estate Agent, you should read this article for more information.