Is it common to get house closing costs the morning of a closing?

Tips and Deals Forums Buying Your Home Is it common to get house closing costs the morning of a closing?

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    • #208579
      Anonymous
      Inactive

      My 1st house closing is Monday at 2:00 PM and I have to wire funds to a local bank.

      I do not have the full amount yet but will be told on Monday morning. I have to go to the bank and wire the funds.

      Is it normal to be on such a tight timeline? Any advice to a nervous first time home buyer? Anything I should ask at closing?
      My funds are in a checking account at my lender’s institution. My wire instructions are to a different local bank.

    • #265199
      Thomasvef
      Member

      No it is not. The mortgage lender wants to see the cash in your checking account before the closing or they do not give you the mortgage

    • #281019

      Of course you have to have funds available the day of closing. How did you get to closing without having the verified funds to close in your account?

      You may get a big surprise after you close and they don’t fund because they want to paper trail whatever funds these are that are, as of yet, not in an account anywhere. If your funds that you use at closing do not come out of a previously named, sourced and seasoned account, your loan will not fund. Period

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