Category - Funding
Once the docs are prepared and sent to the escrow company, the escrow company will give you a copy of the HUD statement. This is your close to final final closing costs which includes your downpayment amount needed. Review this list and compare it to any previous estimates you may have received from the lender for your downpayment and closing costs. There should not be any surprises at this point. Double check to ensure any credits you were promised are included or any down payments you may have paid early on are also included here.
Depending on your lender and how long ago you started the process with them, they may do a complete re-verification on you. Run your credit again, call your employer and talk to your mother to make sure nothing has materially changed in your situation in the past few weeks that may impact their final decision for the loan. Once done, they will send over the ok to the escrow company that signing may proceed and funding will take place.
On closing day, your escrow officer will send you or your agent a notification that funding has been received. Congrats! This is the email you have been waiting for. Your downpayment has been deposited into the escrow account. The lender has deposited the rest of the money into the account. You are ready to buy the house.