The Real Estate Encyclopedia
How Is My Present Loan Paid Off At Closing?
Category - Home Selling Questions - Selling Legal & Closing FAQ's

At the time you successfully negotiate an offer on your home, your listing agent will provide you with a form to be filled out by your lender releasing the pertinent information to the closing agent on the amount owed on your loan.  The closing agent will then disburse those funds at closing, when the buyer’s new loan for the purchase of your home is funded.  If there is a difference owed to you on your escrow balance or any prepaid items, you will receive a reimbursement check from your lender within a few weeks of the closing.  Your lender will also send you a letter or statement indicating the full amount of the loan has been received. 

 
Category(s)
Home Selling Questions - Selling Legal & Closing FAQ's
[edit]
Home   |   About Us   |   Contact Us   |   Patrons   |   FAQ's   |   Site Map
© 2008 - All Rights Reserved.
Thank you for visiting Real Estate Wiki - the leading dictionary, directory, encyclopedia and glossary for the real estate and mortgage industries .