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Loan funding questions - credit check, escrow, installment loan payoff, keys ?

4sallypat
Established Contributor

Loan funding questions - credit check, escrow, installment loan payoff, keys ?

So we just signed final closing documents for our first home with the notary last night.

 

Received a final wire transfer amount which was lower than we expected - probably due to pre-paids ?

 

The issue is that the UW loan company wanted us to pay off a personal installment loan and our American Express Platinum (POT) as part of the escrow instructions which lowered our PMI.

 

Questions:

When the loan funds, do we get the keys then or do we wait ?

 

When does escrow actually pay the personal loan & Amex off ?

Does escrow send a paper check or electronically ?

 

Will the credit check prior to loan funding escrow be a SP or HP ?

 

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dragontears
Valued Contributor

Re: Loan funding questions - credit check, escrow, installment loan payoff, keys ?


@4sallypat wrote:

So we just signed final closing documents for our first home with the notary last night.

 

Received a final wire transfer amount which was lower than we expected - probably due to pre-paids ?

 

The issue is that the UW loan company wanted us to pay off a personal installment loan and our American Express Platinum (POT) as part of the escrow instructions which lowered our PMI.

 

Questions:

When the loan funds, do we get the keys then or do we wait ?

 

When does escrow actually pay the personal loan & Amex off ?

Does escrow send a paper check or electronically ?

 

Will the credit check prior to loan funding escrow be a SP or HP ?

 


The timing of getting the keys varies by state, ask your Realtor for the exact timing for your area.

I have never had a payoff be part of the closing process so can't comment other than to advise asking your LO/processor for that information 

Whether the final credit check is a SP or a HP is completely lender dependent so no way to predict that 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
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