WHY IS FUNDING SO IMPORTANT?

In the mortgage mania and hoopla, all you want to do is move in. You have signed the papers, the boxes are all packed, the inevatable decision of where doe it all go and then you get the call from the realtor. The transaction has not funded. Why does it matter when the money actually transfers? Legally the buyer takes full possession of the home once money is accepted by the seller. In most cases, funding occurs on the same day as closing. However, not always. When the title/escrow officer disburses funds that are received by the lending party, then and only then do you actually have entitlement to the property you are buying. The lien holder, in this case, the mortgage company has approved the deal. ITS FUNDED, now grab a towel and plan on getting dirty.

Happy Hunting!