Anonymous
Posted on: 19th Jul, 2005 08:38 pm
I am wondering if their are laws regarding how quickly you are supposed to rcv your money (taking out equity) after closing on a loan?
Hi Guest
Welcome to MortgageFit forum.
There are no specific laws regarding how fast you can receive the loan amount after closing on the loan. The closing procedure is conducted by a closing agent or a title company or any escrow agent who ensures that all relevant documents are signed by the parties involved in the deal.
You are expected to receive the loan amount after the closing is completed. But when you get the loan, depends on the time taken to transfer the amount from the lender's account to the borrower's account.
This however depends on the bank.
You may also request the lender to see that the transfer of the loan amount occurs as quickly as possible.
Hope this information will satisfy your needs.
We hope that you will send us your feedback. Also sign up with us at http://www.mortgagefit.com/signup for free advice on further queries.
Regards,
Jessica.
Welcome to MortgageFit forum.
There are no specific laws regarding how fast you can receive the loan amount after closing on the loan. The closing procedure is conducted by a closing agent or a title company or any escrow agent who ensures that all relevant documents are signed by the parties involved in the deal.
You are expected to receive the loan amount after the closing is completed. But when you get the loan, depends on the time taken to transfer the amount from the lender's account to the borrower's account.
This however depends on the bank.
You may also request the lender to see that the transfer of the loan amount occurs as quickly as possible.
Hope this information will satisfy your needs.
We hope that you will send us your feedback. Also sign up with us at http://www.mortgagefit.com/signup for free advice on further queries.
Regards,
Jessica.
