After a home buyer’s loan has been approved, the lender will make arrangements to electronically deliver the loan proceeds to the escrow or title company that is overseeing the transaction. This financial “wire” can arrive the same day if it is sent early enough (cutoff times typically are before 2 p.m. ET). Or the wire may arrive the next business day.
In California, the arrival at escrow of the down-payment money from the buyer and the mortgage funds from the lender do not signal the change of ownership. But the loan begins to accrue interest for the borrower immediately.
Funding a loan on a home sale is usually the last step before the sale is officially recorded with the county.
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Illustration courtesy of David Castillo Dominici | freedigitalphotos.net
Funding a Loan on a Home Sale | Buying a Home in Riverside CA | Getting a Home Loan | Brian Bean and Tim Hardin Dream Big Realty ONE Group3
