Deposit the Down Payment & Loan Funding

Now that loan docs have been signed, escrow will send you the final amount of funds that will need to be wired into escrow in order to release the file to the title company to close. Keep in mind that it is usually a 1-2 day turnaround to close, once escrow has received your final funds to close in their escrow account. In a mortgage transaction, the term “funding” refers to the process of wiring or releasing money from a mortgage lender to title or escrow prior to closing a real estate transaction. Funding often occurs a day before closing, and you can’t close until it happens. Knowing the funding date is important because you start paying interest on the loan from that date onward.