Normally the lender funds the day before it records, so It's actually better for you that it funds on Monday since you won't be paying PITI over the weekend for a place you don't own. We routinely write in, "Escrow shall not occur on a Monday," into our contracts to avoid Friday funding and Monday closing.
In the scenario you state the deal should record on Tuesday and you should get the keys then unless something else is written into the contract. Talk with your agent/broker.
Lance King/Owner-Managing Broker
Congrats on your soon to be successful closing!
As such, they may advising you to not fund on Friday and to wait until Monday so that you can avoid paying interest for the weekend when the property isn't yours yet.
If they do fund on Monday, typically it can record the following day unless there are specific time frames (days/hours) where recording is done (or not).
But two business days in between funding and recording does seem too long for most buyers anxious to move in.
Once the Underwriter receives the loan documents package from escrow it typically takes 48 hours for the underwriter to verify that all documents have been properly initialled and signed. This explains the scheduled funding for Monday. I know that in some counties you can fund the loan and record the deed in the same day. This could save you some time and enable you to get the keys a little sooner. I would have your Agent check with escrow to see if special funding/recording is possible. Lastly, when did you specify possession to take place in your offer? If the home is already vacant then maybe your Agent can approach the Listing Agent and negotiate a change in possession terms allowing you to take possession on the same day that the deed has recorded. Good luck!
It should actually work out better for you this way, since funding on Friday would have meant closing on Monday. You would have paid interest over the weekend and not gotten the keys until Monday.
Good luck in your new home.
Signing on Wednesday and expecting to fund on Friday was not realistic so you were over-promised. Low interest rates have lenders backed up with purchase and refi files. All of them are taking longer at each stage of the loan process. Hang in ... you're almost there!
If you fund Friday, and then record Monday, it means the buyer is paying interest for 2 days on a property that is not even theirs yet. Most people do not like that.
The only unusual thing in your question is that it seems like you are saying it will fund Monday, and then record on Wednesday. Like I said, you usually record the day after funding, and that would be Tuesday. Though that may be a local custom, and they just do it that way is Southern California as opposed to the way we do it here up North.
In any case, it is closing soon, so congratulations.
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