Archive for month: September, 2020

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The Best Way to Pay Closing Costs

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If you’re wondering how you’re going to pay your closing costs without a checkbook, you’ll be relieved to know that you can’t pay closing costs with a personal check anyway. You actually don’t have a lot of options for paying for your closing costs. Here’s what you need to know and the best method to use.

Cashier’s Check

In years gone by, a cashier’s check was the preferred method of paying closing costs. A cashier’s check is issued and guaranteed by your bank or other financial institution, which is why most closing and real estate agents have preferred it in the past. It seemed like the safest, most guaranteed option to get their money without receiving cash. Read more

How Many Checks Do I Need at Closing, and Who Gets Them?

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Most people are aware that they are going to need to pay closing costs, but it isn’t always clear what those costs are, what is paid upfront, and what is paid on the day of closing when you take over your new home. 

You need to be prepared for these costs, and your real estate agent can give you an estimate. Your actual closing costs, checks required, and other details may not be released to you until just a few days before closing. Here’s what you need to know to be prepared.

If you don’t use a closing agent, you’re going to need at least two checks.

The first check you’re going to need is the required down payment, made out to your lender. Your lender will give a check to the seller, although not necessarily in the same amount. The second check will go to the real estate agent for closing costs and fees that haven’t yet been paid, such as title insurance and appraisals. Read more

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