Step 19: Get Your Down Payment Ready
Now that we’re approaching your closing date, it’s crucial to prepare your down payment promptly! Along with the down payment, remember that you'll need approximately 3% of the purchase price for closing costs.
Prioritize consolidating the down payment and closing cost funds into a single account and ensure transparency with your mortgage lender about this designated account for tracking purposes.
If any of these funds will be gifted by a family member, inform your lender immediately for necessary approvals from the underwriter.
Furthermore, be mindful of your bank's same-day wire transfer deadline, which may differ from their regular business hours. For instance, while the bank may close at 8 pm, the cutoff for wire transfers could be as early as 3 pm. Ensure timely completion before the deadline.
Lastly, plan accordingly if you need to take time off work to visit the bank in person for the wire transfer. Your proactive approach will help streamline the process towards a successful closing.
