Step 25 to Buying a Home: Get Your Downpayment Ready For Closing
Now that we’re getting closer to your closing date, it’s time to get your down payment ready! In addition to your downpayment, you may also be paying your own closing costs -- either a portion or the total amount -- depending on whether we were able to get the seller to agree to contribute as part of the negotiations.
Some loan programs may allow for funds to be gifted to you from a family member, which you would have already discussed with the lender (likely as part of your pre-approval process). There may be conditions or stipulations from the lender or underwriter regarding gift funds; for example, they may require that you receive those funds into your account by a certain day or that the funds be accompanied by a letter from the giver or a copy of their bank statement to show a paper trail.
When the time comes to wire your funds to the closing attorney, it's best if the downpayment and closing cost funds are transferred from one account. The mortgage lender will likely require that you disclose, in advance, from which account you will be sending these funds and will likely also require that you send multiple updates on this account (in the form of bank statements) so that these funds can be tracked.
Please let us know at 404-994-2181 or Maura(at)BuySellLiveAtlanta(dot)com if you have any questions.
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