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Bank check in time for closing?
Okay, I realize that this may be a stupid question...I am a total newbie at this!
DH and I are closing on our first house next Friday. Obviously, we know we need to bring a bank check with us to closing, so we asked the lawyer and the mortgage broker to tell us what final amount the check should be made out to (the insurance rate changed slightly since we signed the mortgage forms, so we can't go by those papers).
Unfortunately, the mortgage broker said that we won't know the final amount until the lawyer receives the final packet from the lender and draws up the settlement papers. He said that this could take anywhere from 2 days before closing to the day of closing.
So my question is this: if we won't know the final amount for the check until the day of closing, and closing is first thing in the morning, how are we supposed to get the bank check in time? How does this normally work??
Any advice would be greatly appreciated!
ETA: The account we'd want to draw on is from an internet bank. Not sure if it would make sense to transfer to one of our other local accounts, or if that giant transfer would cause a red flag at closing.
Diagnosed with "unexplained infertility" 1/11
IUIs #1
Re: Bank check in time for closing?
I did not find out how much I needed exactly for closing until that morning and we had a 1pm or so closing. I also was allowed to write personal checks so I didnt have to worry about a bank check.
I would first call the bank and find out how mcuh lead time they need to do a bank check. Since you mentioned it was an internet bank I would notify the mortgage broker that you will probably have to transfer the money ahead of time in order to do the bank check at your local bank. They shouldnt have an issue with this, its a reasonable transfer.
We found out our final number the day before our 9am closing, so we went to the bank that afternoon and it didn't take long at all to get a cashier's check. Our money was originally in an online savings account but about 2 weeks before closing (since it does take a few days to transfer to our local bank) we moved the estimated amount plus some to our local account. No red flags, no issues. They knew our savings was in one account online and probably figured we'd be moving a large some close to closing into a checking account.
So I say move over the money (add a bit for buffer) and then when you find out the numbers just head to the bank. Since you have an early morning closing like we did, I'm sure they'll get you the number by the afternoon of the day before. If you don't call your mortgage person and see what's up.
Diagnosed with "unexplained infertility" 1/11
IUIs #1
I'd transfer the money from your internet bank now - your best guess of what you'll need (and perhaps a little buffer). The transfer shouldn't matter - at this stage, if they are still requested bank statements for your loan, there's no way you're closing anytime soon.
Getting the check from your brick and mortar bank is super quick as long as the money is in your account.