![]() The sellers may leave the keys at the title company and require that funding occur before title releases the keys.The following are various methods for acquiring the keys: (For new construction, the builder will provide the keys after the wired money has been received). ![]() ![]() Contact the Realtor, your real estate agent, to determine how to gain access to the home. We, the lender, are not involved with taking possession of the home. Unfortunately, a moving van waiting in the driveway won’t expedite the process. This means that the title company needs to have the lender’s funds well before these cutoff times to give them the time they need to send their own wire to the builder’s bank.įor new construction, we would recommend scheduling movers and deliveries the day AFTER closing. This adds time to the overall mortgage closing process.Īdditionally, bank wires typically can’t be sent, or received, after 2:00 or 3:00 p.m., depending on the bank. This means that new construction home loans aren’t considered funded until AFTER the title company disperses money to the builder’s bank. New construction home loans typically aren’t considered funded until the title company disperses the wired money to the builder’s bank.īecause builders finance the construction of the home, those loans must be paid before funding is finalized. This is because there is an extra step in the process. The mortgage closing timeline for newly constructed homes typically takes longer than for existing homes. New Construction Closing and Funding Timeline Our mortgage lending dream team can provide accurate mortgage closing cost estimates so you can better plan for your move. If you’re the buyer or seller (sellers pay different costs).Whether it’s a new build (new home closing costs can sometimes be higher).The actual costs associated with a mortgage closing will vary depending on factors such as:
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