Closing Funds

Today, let's talk about the that money you'll bring to closing whenever it occurs.


A couple of days before closing, your loan officer, your agent, or someone from the title company will call you and tell you the amount that you'll need to bring to closing. This amount may be for a down payment, your closing costs, or a combination of both. The money that you bring should be in certified funds, a check directly from the bank, whether it be a cashier's check, accounter's check, or anything else of the sort. 


The amount that you bring to closing should be fairly close to the amount that was given to you on a good-faith estimate from the lender at the time you applied for a loan, which shows the down payment and other amounts associated with the closing. If the seller is paying closing costs, deduct that amount, and the remainder should be close to the amount that you bring to closing. If this isn't correct or close to being so, call your agent and they can help you with the problem. 


Sometimes this amount be slightly more due to higher inspection charges or costs such as this, and sometimes the cost may be lower than the estimate due to tax prorations by the seller and other charges that the lender may have estimated but were not realized. 


For more information, visit us on the web at www.springfieldfirsthome.com, or simply call or text us at 417.872.9222.