What’s the Difference between Closing Date and Funding Date?
Closing is the last (and most important) step of the mortgage process. There are two important dates to be aware of: closing date and funding date.
You may be thinking, aren’t they the same thing? They are not! Let’s take a look at the difference.
The closing date is when you will meet with your closing attorney to sign all documents and pay the down payment (if applicable) and closing costs.
It may feel overwhelming, but your closing attorney is there to guide you and answer any questions you have about the documents. Your HOMESTAR Mortgage Loan Originator is also there to support you!
The funding date is when HOMESTAR disburses funds to your escrow account or the title company, which finalizes the purchase of your home. The funding date can vary, and it may not be on the same day as your closing.
After all paperwork is signed and funds have been disbursed, you officially own the home!
What’s next after closing? Check out these new homeowner tasks to tackle, such as changing your address, planning maintenance, and making your first mortgage payment.