topic Re: Question about final closing cost amount... in Mortgage Loans

Question about final closing cost amount...

EaglesFan2006 — Thu, 30 Aug 2018 15:02:25 GMT

I got a settlement notice from my realtor confirming the appointment for closing, and it included this wording that I want to clarification on:

"Please bring to closing a US Bank Check or US Cashier's Check (US dollars) made payable to *TITLE COMPANY* in the amount of your ESTIMATE of CLOSING COSTS, which you will receive closer to settlement. All funds, including the incoming wire from your lender, must be received in order to disburse funds at settlement. Please note that any personal checks provided at closing are limited to a maximum of $500.00. In addition, cash cannot be accepted"

I'm going to assume my lender will send me the final closing cost estimate a few days before closing (at least I hope becuase since I have online bank through Fidelity it takes them a day to get the cashier check, they overnight it as they did the earnest deposit). Anyway, since the amount on the cashier check woud be an estimate, what happens if the amount changes at closing? I've heard stories that people don't know the final amount until they're at the table. This seems to suggest that I can write a personal check to make up any deltas as long as it's within $500...is that the case? I would imagine the estimate will be very close, but what happens if it's more than $500 off? Also, what happens if the final amount changes in my favor and the cashier's check is hire than the final closing costs?

Re: Question about final closing cost amount...

dragontears — Thu, 30 Aug 2018 15:27:10 GMT

In the case that you bring a cashier check that is more than the closing costs the title company will give you a check for the excess (some mail the check some give it at closing)

Re: Question about final closing cost amount...

Anonymous — Thu, 30 Aug 2018 17:34:06 GMT

Yeah just bring a personal check along with you.

Just keep in mind they do this all day everyday, so it will be exact or darn close.

They want to close just as much as you, so all should be well.

Re: Question about final closing cost amount...

Anonymous — Thu, 30 Aug 2018 18:15:41 GMT

I was one who didn't receive a final estimate until my closing. Actually it was an hour into my 2hr closing before I received any kind of estimate. Because of schedules I needed the cashiers check a couple days before my closing. Couldn't get in touch with my agent and had to do my own estimate (I was only off +$4!). The only issue was the bank did not include the insurance I had already paid. It was a fairly large amount, more than I had in my checking at the time. I was able to use a credit card (ran up my credit card at my closing, ha). My insurance co reimbursed me after a few days and my closing was only delayed by an hour. Just bring your checkbook and a credit card!

Re: Question about final closing cost amount...

JVille — Fri, 31 Aug 2018 05:00:03 GMT

You should get your final numbers from your Settlement Agent (Escrow Officer) you actually should have already received Wiring Instructions to wire from the Institution that holds your funds direct to the closing agent.

Re: Question about final closing cost amount...

EaglesFan2006 — Fri, 31 Aug 2018 10:53:50 GMT

@JVille wrote:
You should get your final numbers from your Settlement Agent (Escrow Officer) you actually should have already received Wiring Instructions to wire from the Institution that holds your funds direct to the closing agent.

Thanks...but if the settlement notice indicates that I need a cashier's check, shouldn't that be what I bring?

Re: Question about final closing cost amount...

cjane1 — Fri, 31 Aug 2018 14:44:48 GMT

I got my information when we decided what house we wanted, our Realtor gave us a print out of the total closing cost the only thing that changed, was we found a cheaper home insurance.

Re: Question about final closing cost amount...

JVille — Fri, 31 Aug 2018 15:08:40 GMT

Call your closing agent they generally prefer wired funds and should have already provided you with wiring instructions. Cashiers Checks are generally only IF for some reason you are unable to wire. Once again speak to your Closing Agent (Escrow Officer at Title Co or Lender).

Re: Question about final closing cost amount...

Anonymous — Sat, 01 Sep 2018 13:59:30 GMT

We had to bring a certified cashier's check, there was never even a mention of wiring. Our actual cash to close was about $3000 less than the estimate. We got the amount 3 days before closing. I know everywhere is different but that is pretty standard here. Call the title co, they should be able to help. Good luck!

Re: Question about final closing cost amount...

Anonymous — Sat, 01 Sep 2018 16:05:52 GMT

I know that when I closed last month the letter I received specifically said that they wanted a cashier's check and only accept wires for closing costs over $10,000.

I too was doing everything from an online account and was planning to wire it.

This left me a bit concerned about timing since I wanted to be safe and have everything ready to go ASAP but it all worked out with plenty time and no troubles.