Settlement and Funding
Settlement and Funding are the final steps in the loan process. You will meet with a closing agent at a local title company, attorney's office, or at your own home. While at settlement you will read and sign the final loan documents. Many of these documents will be familiar to you as they were provided in the initial package you received after application. Your closing agent will be able to answer any questions you may have. Your Home Loan Advisor and Loan Processor are also available to help as needed.
This meeting is called a settlement because everyone "settles up" with funds being wired or delivered as requisite. In a purchase you would also add your down payment and money for any fees you have to pay. In a refinance, your current lender is paid off and all fees are paid out of the loan proceeds. In a "Cash Out" refinance, left over funds will be disbursed to you (federal law requires a three day waiting period for funds to be disbursed if refinancing your primary residence).
Most settlements take less than an hour. Congratulations! You have completed the loan process. We are always available for any questions you have and look forward to serving you again.
