Step 22: Wire Transfer Your Down Payment

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You’re almost there, just two more steps to go. Now it's time to take the plunge and wire the down payment along with the closing costs.

One business day before your closing date, your mortgage lender or title company will send you an estimate of the amount needed to close and instructions for the wire transfer. The final figures are typically confirmed at this time.

You can use a cashier’s check for payments under $10,000. Amounts exceeding $10,000 require a wire transfer, which must be done by the day before closing at the latest. If the exact amount is not provided, your lender will give an estimate.

Ensure you only follow wire transfer instructions sent by the escrow closer from your title company. Hackers may attempt to send fraudulent instructions to divert your money.

All wire transfer and financial details will be shared through a password-protected or encrypted email from the escrow closer. Before making the transfer, verify the instructions directly with the escrow closer to avoid any fraudulent activity.

Remember, failing to transfer the funds the day before closing may result in a delay, as the title company does not accept cash or checks at closing. Once the transfer is made, contact your closer to confirm receipt of the funds.

Be vigilant when sending your wire transfer to prevent any potential fraud. Any excess funds you pay at closing will be refunded to you via a check.