Questions about closing costs?

Question

My husband and I are first time home buyers and we're closing this coming Tuesday. Do we bring our closing cost money with us to closing and who typically lets you know how much to bring? Also, our bank has loaned us an extra $2,000 to help cover closing costs. Does someone bring that to closing as well? We're clueless!!

Answer 1

Had you asked the seller to pay some of your closing costs? I sure hope so. Well you have your check book ready when you go in for signing final papers. Your real estate agent should of told you this before this. Must be a rookie agent. Or a no talent agent

Answer 2

Okay, you should have received a closing disclosure - today is the last day they have to send it to you if you are closing on Tuesday. At the bottom of page 1 it will have the amount to bring. Normally we send wire instructions & you have to wire the money to the closing table. If you have not received this closing disclosure by today & signed it, legally you cannot close on Tuesday. Call your loan officer now. The law states you must sign it 3 days prior to closing.

Answer 3

Your agent or your title or escrow company should be able to estimate the closing costs right now. They can give you exact figure a day or in advance. They will not want a personal check. It will need to be wired from your bank to the escrow or title company bank (call and double check the wiring instructions because there is a scam that happens sometimes) or you can bring a certified check from your bank. (Certified checks can sometimes be faked by buyers so the title company often will delay funding until they are certain of the validity.

Answer 4

normally the closing costs are all included in the escrow and you should have deposited enough money to cover them, you don't pay for them separately

Answer 5

Call the escrow officer and ask when you need to supply the money. It needs to be before the closing date as they will not close until they have the money and if it is check form it need to clear the bank first. That is why most people use cashiers checks.

Answer 6

Usually your cash is in the bank, and you write a personal check, or use a certified bank draft or check at the time of closing. Cash should not be present at the closing - a check is used as a verifiable form of payment. Credit card or debit card is also not suitable for payment at closing.



You will receive documents with the exact amount of everything prior to closing, and is one of the reasons why closing is usually several weeks after the sellers and buyers agree to terms, so that the papers can be drawn, title can be researched, etc.

Answer 7

Your agent should be helping you. Most closings now require the money be wired to the closing agent.

Answer 8

Your closing agent should send you a document that would indicate the exact amount you are required to being to the closing.



Normally you would have received a HUD-1 statement indicating the estimated amount you would be required to pay. This estimate is fairly accurate.



Normally your mortgage lender would not pay closing cost. It might be that the seller is paying some of the closing cost of the sale transaction.



Whatever financial funds are needed to close the transaction would be requested by your closing agent and would be transferred by some means to the closing office.





You should contact your closing agent to find out the exact amount you would need to have and bring with you to your closing.



I hope this has bee of some benefit to you, good luck.



"FIGHT ON"

Answer 9

Your attorney's office will contact you, probably on Monday, with the amount you need to bring. They usually required a bank or certified check. Bring a couple extra personal checks just in case. The extra $2000 from your mortgage company will be applied to the closing statement. The closing attorney cuts all the checks based on figures they receive from the bank.

Answer 10

The lender will send you a settlement statement with what you're paying and how much to bring to the closing.

Answer 11

Yes, you bring a check (usually they want a cashier's check). Your agent or mortgage broker should let you know for sure a day or two before.

Answer 12

Your attorney should explain it to you, under your local laws, procedures and specific circumstances. However, the general rule where I live is that all the closing documents show the various required payouts, the money is deposited in the escrow PRIOR to closing, and you simply authorize the various items as they come to you at the closing ceremony.

Answer 13

you bring a bank check for the amount that the title company/closing lawyer tells you to bring.



Any money that the bank is giving is wired directly to the title company.

Answer 14

Everything is handled through an escrow account either by an attorney or escrow officer. The lender deposits money there, buyer and seller are instructed to deposit money there, and the escrow officer distributes money to cover all the costs and provides a reconciliation statement at the end.

Answer 15

You bring your checkbook to closing and write checks in the amounts determined.