The Home Funding process is the final step in your Minnesota real estate journey. After your mortgage is approved, “funding” is the official transfer of money to the seller so you can receive the keys to your new property. At NOW Realty, we want to ensure your closing day goes smoothly without any last-minute surprises.
The Signing and Home Funding Process
When the lender is ready to “close” your loan, or “fund” it, your real estate agent and your mortgage broker will have you sign the final loan documents. Signing will typically take place in front of a notary or an escrow officer. Ask your mortgage broker if there is anything you need to do to prepare for this, such as bringing a photo ID or perhaps a cashier’s check if you are purchasing real estate. Allow yourself enough time to review the documents for accuracy.
| If funds are being wired: “Wiring instructions” direct the electronic transfer of money between financial companies. If possible, arrange to have the wiring instructions in place ahead of time and checked for accuracy by both the sender and recipient of the wire. It is critical that these instructions be exact, and even so, delays are all too common. |
Congratulations on Your New Home!
Your mortgage broker will probably call you to confirm that the money has been transferred and the loan has closed. Always follow up with a phone call to confirm that your loan funds went where they were supposed to go. It is a good idea to keep records of this critical phase of the transaction once completed.
Security During Home Funding
Wire fraud is a serious concern in real estate. During the Home Funding stage, never trust wiring instructions sent via email without verifying them over the phone with a known contact at the title company. To learn more about protecting yourself, you can review the Minnesota Realtors® consumer resources. Taking these extra steps ensures your investment is safe.
Ready to start your search?
If you are just beginning your journey, you can browse our Financing Options to get pre-approved, or start looking at homes for sale in Minnesota today. Understanding the financial side of the deal makes the final closing much less stressful.