Despite everything I was told, it did in fact take an entire month from when my loan closed to when my loan was sold to the servicer who would actually begin the awesome work of giving me and my general contractor the money I borrowed to put it to work in the house.
Hindsight: I wish I had asked more about the nitty gritty of how this money would get from the netherworld of the bank’s account to my hot little hands. I wish my broker hadn’t jumped from one firm to another partway through my loan. I wish I had wrapped the first 2-3 months of mortgage payments into my loan so that delays in the loan sale and any future construction delays didn’t have the potential of sending me over the financial and mental edge.
In fairness to me, though, I think it’s pretty normal to be caught up in the details of securing your loan, since that is the most present obstacle. And it is an obstacle! And it never in a million years occurred to me that spending this money would be so involved, or that it would take a month to get a pile of papers bought by a bank. Oh well. Live and learn.
The good news is that as soon as is possible, we are going to set up the first inspection for my HUD inspector to come check out the casa. First, M&T Bank needs to get me a “post contact for funding draws.” In lay person, that means they need to tell me who to holler at when I want some money. All that to say, soon and very soon, my contractor will get a check. YAY!