Mortgage Funding

Funding day (also called closing day) is the day the mortgage actually happens. Behind the scenes, your lawyer coordinates a tightly orchestrated set of moves: the lender wires the mortgage proceeds; you wire your closing funds (down payment less deposit, plus closing costs) to your lawyer's trust account; your lawyer pays the seller's lawyer; the seller's lawyer pays the seller; the title transfer registers in the land registry; the new mortgage charge registers; you get the keys. This all happens in a window of a few hours, usually starting late morning. Wire transfers, bank drafts, and certified cheques are the only acceptable forms of payment — personal cheques and e-transfers are not accepted at this scale. Before funding day you should expect: a final walkthrough, a final lawyer meeting to sign mortgage documents and the statement of adjustments, and a confirmed move-in time with the seller. Hiccups are most often cause by financing-condition delays from the lender — keep your mortgage agent in the loop on every email request through this period.