How long does it take for a loan to fund after closing?

+1 vote
asked Aug 12, 2019 in Real Estate - Renting by Gmeic099 (290 points)
How long does it take for a loan to fund after closing?

3 Answers

0 votes
answered Aug 13, 2019 by linda (23,580 points)
After you buy a home and get the mortgage for the home then it can take around 48 hours for the loan to actually fund after you close on the house.

So you usually have to wait until 48 hours after you buy the home for the loan to fund and the money to go to the person you bought the home from.

Then within 48 hours you can usually move into the home or property after you close on the home or property.

If you haven't heard back from the bank on the closing within 48 hours then you should call the bank to see what is going on.

If the loan is approved then you should have it funded within 48 hours at most although I've known some to take 3 days to fund.

The buyer of the home doesn't have possession or own the home or property until the mortgage actually funds and the seller of the property or home hasn't legally sold the property until the mortgage funds.
0 votes
answered Feb 12 by Andret (1,850 points)

I think such questions you should ask for bank manager or search in special sections of bank's websites. I had only experience with short term loans online and I never had any problems with payments. So if you need to borrow money I recommend to use online lending.

+1 vote
answered Mar 9 by palone (2,860 points)

Good answer from Linda, I agree! But if you have some other questions I think it will be better to get consultations in the bank. Personally I don't use bank products like credit cards. I don't like their conditions. If I will have some financial problems I can always use online loan from it is fast and comfortable decision!

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