Funding

The Signing

When your lender is ready to fund your loan, your real estate agent and mortgage broker will guide you through signing the final loan documents. In NYC, this usually takes place in front of a notary or escrow officer, and may occur at the lender’s office, your attorney’s office, or a title company, depending on the property type.

Before signing, check with your mortgage broker to see if you need to bring:

• A valid photo ID
• A cashier’s check for any remaining closing costs (common for co-op or condo purchases)
• Any other lender-requested documents

Allow yourself enough time to carefully review all paperwork for accuracy. Mistakes in loan documents, wiring instructions, or personal information can cause costly delays.

Wiring Funds

If funds are being wired, you will receive wiring instructions for the electronic transfer of money between financial institutions. In NYC transactions, it’s critical that these instructions are verified and double-checked by both the sender and recipient. Even when instructions are correct, delays can still occur, so plan accordingly.

Congratulations!

Once your loan has funded, your mortgage broker will usually confirm that the money has been successfully transferred and the loan is officially closed. It’s a good practice to follow up with a call to confirm that funds went to the correct accounts. Keep a record of this critical phase for your personal files this documentation can be invaluable for future reference or tax purposes.