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When buying a house, at what point is the mortgage loan considered "funded" ? |
When buying a house, at what point is the mortgage loan considered "funded" ? 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. Source(s): 10 years in mortgage banking When the title company receives comfirmation of the wire transfer. When the mortgage company has released the funds to the escrow company for distribution. The mortgage is funded when the payment is made from the lender to the seller/builder through a third party (usually a title company). Realtor When the lender wires the money to escrow. |
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