My husband and I closed on our first home this morning. We signed at 8 and the seller signed at 10. Can anyone tell me when we should know if our loan was funded and all is okay with Bank of America. The wait is driving is CRAZY!!!
2007-11-15 06:02:07 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If you signed final documents this morning, your loan should have closed and funded yesterday. Call your lender for details ... they should gladly answer.
2007-11-15 06:06:05 · answer #1 · answered by Anonymous · 0⤊ 5⤋
All relevant documents being signed is a "prior to funding" condition. This means it has to be done before the lender's funder will put the money to your loan.
Assuming that all prior to funding conditions have been met, you might theoretically fund the same day. However, if the sellers don't *start* to sign until 10, it's unlikely. Most lenders have daily funding cutoff times that vary from 11AM to 1PM for the west coast. You are more likely to fund tomorrow.
On the other hand, until it's all recorded with the county, the lender *can* call the funds back. Don't celebrate until you get confirmation of recording with the county.
2007-11-15 15:17:20 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 1⤋
If the closing happened this morning, then it should fund today.
The last wire goes through the Federal Reserve around 4:00...so it should fund no later than then.
Your bank should would have to have requested funds no later than 2:30 pm EST for a wire to be received the same day.
Your attorney should be able to tell you this.
2007-11-15 15:01:47 · answer #3 · answered by Expert8675309 7 · 0⤊ 1⤋
In many cases, the lender will not actually put the funding into action until after both parties sign. I would assume your loan would have funded immediately after the sellers signed their closing docs. Most likely, the sellers walked with a check after their closing was complete.
2007-11-15 14:14:10 · answer #4 · answered by Steve W 2 · 0⤊ 3⤋
The title company can confirm, but they most likely would not have let you sign, and definitely should not have let the seller gives the final signatures if the wire had not shown up from the bank.
2007-11-15 23:53:46 · answer #5 · answered by Anthony 3 · 0⤊ 0⤋
You couldn't have closed if your loan wasn't funded.
If you mean that you signed an OFFER this morning, you'd have to apply for a loan even if you have been pre-approved for the amount, because the lending institution has to determine if the house is worth the amount they're being asked to loan - that process could take a few weeks.
If you have a realtor, call them and ask - there is apparently something here you are not understanding.
Good luck.
2007-11-15 14:21:13 · answer #6 · answered by Judy 7 · 0⤊ 4⤋
if the seller signed....then you closed.
if you REALLLLLLY want to know if the loan funded...talk to the title company or attorney.
they receive the wire from the bank...and if they havent received it...then you didnt fund.
if you're in a dry state funding then you need to wait 3days.
ask your attorney/title company if you're in a wet or dry state
2007-11-15 14:33:21 · answer #7 · answered by Anonymous · 0⤊ 2⤋