You’ve finally made it to the end – only 3 more steps to go. Now comes the painful one; parting with your hard-earned dollars. It’s time to pay the down payment and the closing costs.
Three days before closing, your mortgage lender will email you a Closing Disclosure with an estimate of your Cash to Close (down payment and closing costs) (remember closing costs are usually 3% of the purchase price of the property). Your title company will email you the wire transfer instructions which give you the account number to send the wire transfer.
Plan to take a long lunch break from work as you have to go into your bank in order to conduct a wire transfer. Make sure you find out what time your bank stops accepting same-day wire transfers as it’s not the same as their regular business hours. Therefore, they may be open until 5 pm, but the cut-off for same-day wire transfers is 3 pm. In that scenario, you’re going to need to finish the wire transfer prior to 3 pm. We can’t state loudly enough how important it is that the wire transfer is done the day before. If you don’t transfer the funds the day before closing, the closing may have to be delayed.
Once you’ve sent over the wire transfer, email our team, your mortgage lender, and your title company so we can check to make sure the Title company received the funds.
IMPORTANT: do NOT follow wire transfer instructions unless they were sent to you by YOUR Title company. We cannot stress enough that all wire transfer and financial instructions will come via password protected or by encrypted email from the escrow closer and not from me or your lender. There are a lot of scammers out there who have been hacking into Realtor and attorney emails lately and sending buyers fraudulent wire transfer instructions in an attempt to divert your $ into their accounts. Before you transfer your funds, call your title company directly to confirm the wire-transfer instructions. DO NOT rely on the phone number in the email as this number could be fraudulent as well if the email is fraudulent. Look up the phone number for the title company through Google or by asking us and call that number instead. We cannot stress enough how careful you need to be when sending over your wire transfer to make sure it isn’t being directed to a fraudulent account.
Questions? Call me at 410-936-5729 or email me at firstname.lastname@example.org.