Congratulations on making it through the mortgage loan application process and getting through closing! Planet is happy to be a part of your financial future. Now that you’ve signed the loan documents and are officially a new homeowner, or have a newly refinanced mortgage, the next step is funding.
Funding is when we wire the money for your home purchase to the title company or to pay off your current mortgage loan in a refinance. It’s the final step in the mortgage process.
Different states have different regulations covering the funding process. Your Planet mortgage professional can tell you when your loan will fund based on your state’s rules.
If you’re purchasing a new home, funding typically happens at closing. And if you’re refinancing an existing home loan, funding will not occur until three business days after closing.
Once this is complete, and the county or local government has recorded the new ownership in their records — you’ve done it. The home loan process is complete.
Three cheers! You've made it through the mortgage loan process. What's next? Now that you have your mortgage and you've made it through the closing process, you'll be hearing from Planet about the servicing of your loan.
Planet services most of the loans it originates, and we are more than happy to support you through the next part of the mortgage journey: paying off your mortgage. Click here to learn more about the servicing process, how to make payments online, set up automatic payments, and so much more.
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