THE LOAN PROCESS
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Certified Funds/Cashiers Check: After a figure has been calculated by the escrow company, you will need to provide certified funds to the escrow company. IT IS IMPORTANT TO PROVIDE CERTIFIED FUNDS AT CLOSING. Certified funds can include a cashier’s check, certified check or wire funds transfer from your account to the Escrow Company. A PERSONAL CHECK IS NOT ACCEPTABLE.

Hazard Insurance: Regardless of whether your loan is impounded, you will need to provide us with evidence of hazard insurance, otherwise known as homeowners insurance. Hazard insurance should be arranged at least two weeks prior to closing. The amount of coverage should be for at least the amount of the loan or “full replacement” coverage. You may choose your insurance carrier. Please feel free to call us for a referral if you do not currently have an insurance agent.

"We were treated by everyone as if we were buying a $500,000 home. Jerry and his staff were wonderful! They worked very hard to ensure a quick closing. We were always informed and updated with new info." -- Dennis and Laura Leo

Funding: The “funding” of a loan is when First Magnus Home Loans sends the money to the escrow company. The funds are sent after all the closing documents have been signed, notarized by the escrow officer, and sent back to First Magnus Home Loans for review. This typically takes place 4 business days after you sign the closing documents for a refinance. This is due to your “three day right of rescission.” Purchase transactions are usually funded the day after you sign the closing documents. When the loan is funded, the file is prepared for recording.

Recording: Upon receipt of the funds from First Magnus Home Loans, the escrow company brings the file to the County Recorders Office for recording. During recording, the Deed and Deed of Trust are put on record leaving legal title in your name. The Deed of Trust is the recorded document indicating you have obtained a mortgage on the property.

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