Home Buying Step 24: Here's the Skinny on Funds for Closing

Here's what you need to know about closing:

Before Closing

• Approximately 3 days before closing, you will be receiving your estimate for the amount of money you will need to bring to closing, along with instructions on how to bring it. 
• If you are planning on wiring money for closing, call your bank ahead of time to find out the instructions so you are prepared. Ask them about a cut off time as well, so you can ensure that the money gets to the title company on time. 
• Wait for instructions from your lender on how to transfer the money. There are a lot of scammers out there, specifically targeting home buyers. Call a number from the company website to confirm, not just the phone number in the email. 

At Closing

• If your estimate was too high, you will receive a check for the overages. 
• Please bring a check, in the case that your estimate is too low. If the additional cost is under $1500, you may write a personal check. 
• And this is worth repeating one more time, wait for instructions from your lender on how to transfer the money. There are a lot of scammers out there, specifically targeting home buyers. Call a number from the company website to confirm, not just the phone number in the email.