The end of the road - funding your loan - is the satisfying conclusion to the process of getting a loan. The end of the lending process is usually called “Settlement” because that’s when everybody “settles up.” Loan funds are either wired to an escrow account or we send a cashier’s check to the closing agent (in some states this may be a title company, in other an attorney or escrow agent). In a purchase you would also add your down payment and money for any fees you have to pay. The current owner’s lender is paid in full, any fees charged by other parties are paid and whatever is left goes to the seller. In a refinance, your current lender is paid off and all the fees are paid out of the loan proceeds.  If the refinance is “No Cash Out” you probably won’t get much, if any, money from the closing. In a “Cash Out” refinance, there is significant money (over $1,000) left over that is disbursed to you.

While at settlement you will read and sign numerous documents relative to the purchase or refinance of your property. Your settlement agent will be able to answer any questions you may have regarding these documents and, as always, we are available to help as needed.

Most settlements run very smoothly and take an hour or less to complete.

Congratulations! You have now completed the process. We sincerely hope at this point that we have been able to provide the kind of help, assistance, information and support you needed to consummate the best possible financial arrangement for yourself and your family.