How Long After Settlement Do You Get Money?
When you purchase a home, you have to go through a process called settlement. This is when the title of the property is transferred from the seller to the buyer. It’s a complex process that involves a lot of paperwork and the exchange of funds. So, how long after settlement do you get money?
At settlement, your lender will disburse funds for your home loan and you’ll receive the keys to your home. Generally, settlement takes place around 6 weeks after contracts are exchanged. However, the exact timeline can vary depending on the state you live in and the type of loan you have.
In some cases, you may be able to get your money within a few days of settlement. This is usually the case if you’re using a cashier’s check or a wire transfer to pay for your home. However, if you’re using a loan to finance your purchase, it can take up to two weeks for the funds to be disbursed.
The amount of time it takes to get your money after settlement also depends on the type of loan you have. Conventional loans typically take longer to process than government-backed loans, such as FHA or VA loans. This is because conventional loans require more paperwork and have stricter guidelines.
Once the funds are disbursed, you’ll need to wait for the title to be transferred. This process can take anywhere from a few days to a few weeks, depending on the state you live in. Once the title is transferred, you’ll be able to access the funds and use them to pay for your home.
When it comes to getting your money after settlement, it’s important to be patient. The process can take some time, but it’s worth it in the end. Once the funds are disbursed and the title is transferred, you’ll be able to move into your new home and start making memories.
