All mortgage commitments have a funding date.
The funding date signifies when the funds for your mortgage will be released.
If a date cannot be found, then you may not have a commitment to a mortgage. Thus leaving you without money on your closing date.
Furthermore, along with the funding date, a mortgage commitment will also come with a commitment expiry date. This date indicates the day funds must be released, or when the commitment will expire. Lenders will require the borrower to provide all necessary documentation and information by the expiry date.
In some cases, you may alter the funding date through your mortgage broker/agent with a simple request. Please note however this can affect the rest of the deal conditions and/or the commitment rate.
In conclusion, it’s important to understand the funding process and to be aware of the funding date when obtaining a mortgage.
Contact a licensed mortgage professional to help you explore your lending options and to make an informed decision before signing a mortgage.
