You’ve stayed in touch with your lender throughout the homebuying process. You didn’t open any new lines of credit. You didn’t close any accounts. Now that the process is winding down, it’s time to finalize your loan.
At least three days prior to closing, you will receive your closing disclosure from your lender. This means that your loan has been through appraisal, the underwriter has reviewed, and everything is ready to go. Your closing disclosure will look similar to the closing estimate you received at the beginning of this process, but it will have the exact number you need for your down payment, closing costs, prepaids, etc. In Indiana, state law requires that if you need to bring more than $10,000 to closing, it has to be wired. If you need to bring less, it can be wired, or it can be a cashiers check.
When you receive the wiring instructions from the title company, it is VERY IMPORTANT that you call and confirm all account numbers. Wire fraud is a real thing and the best way to prevent is to double and triple check everything before you complete the wire. If you have time, it is helpful to wire funds the day before closing. This allows the bank time to get the money to the title company and will help closing go more smoothly and more quickly.