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

[4sallypat]

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 ?

[dragontears]

---

@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