Loan ????

Discussion in 'Credit Talk' started by becky20, Sep 23, 2003.

  1. becky20

    becky20 Member


    My hubby and I finally closed on our new home yesterday (we signed all the paperwork). Apparently, we have to wait 3 days to get our keys, and the reason behind it is we have to wait for 1) the loan to fund, and 2) the deed to be recorded. At this point, since we've signed all the paperwork, it's official right? They can't come back and say there is a problem and you aren't getting your loan, right??? Just curious. Nothing major has changed for us, but I'm being a typical worry-wart...

    Thanks! BTW, this is in Arizona...
  2. jlynn

    jlynn Well-Known Member

    Quit worrying. Never heard it taking 3 days to fund, nor having to wait until the deed is recorded, but maybe thats an Arizona thing.

    Congrats on the house!
  3. becky20

    becky20 Member

    At first I heard it's an Arizona thing, but then I've talked to other people that say that it's NOT an Arizona thing - maybe it's something with the builder. I guess some places wait for the loan to fund and deed to be recorded before you can sign papers, and this place had us sign papers and THEN have deed recorded... I'm just afraid they're going to come back and say Sorry Charlie... I guess because I want it so bad and it almost didn't get approved. Until we get the keys I'm going to worry that it'll all be ripped away from us... I guess I just need to keep telling myself not to be such a worry wart!!!
  4. Hedwig

    Hedwig Well-Known Member

    They usually have to wait several days for the loan to fund because you have several days to change your mind. I had the same thing on a refinance. When the two or three days pass and you don't cancel, they'll fund the loan. I never really heard of waiting to have the deed recorded, but I don't think it's a big deal.

    Don't worry.
  5. becky20

    becky20 Member

    Thanks to you both for comforting my worries!!! I feel a ltitle better now:)
  6. iambroke

    iambroke Well-Known Member

    When we closed on our home in 96 we got our keys at closing and didn't have to wait.

    Maybe it's something they require? I don't know.
    I wouldn't worry about it. Just sounds like a precaution they are taking to make sure the money gets where it should OR the 3 day right of recind may apply. They probably just want to make sure before they hand over the keys that you aren't going to cancel the whole deal.

    CONGRATS and don't spend too much on furniture!!! LOL

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