After you go to the title company and sign the loan documents, the transaction is not yet complete. The loan must still fund and the transaction has to record. If you are purchasing the home, you will receive the keys after the transaction records.
Typically in Arizona, the loan documents are sent to the lender for review after you sign them. In some instances, there are prior to funding conditions that need to be reviewed. If these conditions are in order, then the lender will fund the loan. The lender’s funds typically have to clear through the Federal Reserve before they get to the title company. So, it can take a little bit of time from the moment the lender releases the funds to the time they are received at the title company. Once the title company receives the funds, they will then release the file to record.
So, just remember, after you sign the documents at closing, there are still some steps left before you can get the keys. If you have any questions about the closing process, let us know.
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John Rapasky is the President of the Counsel Mortgage Group, LLC. Copyright © 2018 Counsel Mortgage Group®, LLC.