Schedule Wire for Downpayment

You have made it so far and you are so close to being a Colorado Homeowner! Now you will need to set up your wire for your down payment.

A few days before closing, your mortgage lender will provide you with an estimate of your down payment and closing costs (remember closing costs are usually 1-3% of the purchase price of the property). Generally, you won’t get this figure until two days before closing and it HAS to be transferred 1-2 days before closing. Your title company will communicate wire transfer instructions which gives you the account number to send the wire transfer. Make sure you find out what time your bank stops accepting same-day wire transfers as it’s not the same as their regular business hours. Therefore, they may be open until 6pm, but the cut off for same day wire transfers is 12 pm. We can’t emphasize enough how important it is that the wire transfer be done 1-2 days before. If you don’t transfer the funds the day before closing, closing has to be delayed because the title company most likely will not accept checks over a certain (small) amount.

Once you’ve sent the wire transfer, let us and your mortgage lender know so that we can confirm that the title company received the funds. IMPORTANT: Do NOT follow wire transfer instructions unless they were sent to you by the escrow closer from the title company.  We cannot stress enough that all wire transfer and financial instructions will come via password protected or by encrypted email from the escrow closer and not from us, your lender, or anyone else.  There are a lot of scammers out there who send Buyers fraudulent wire transfer instructions in an attempt to divert your money into their accounts. Before you transfer your funds, call the escrow closer directly to confirm the wire transfer instructions.  DO NOT rely on the phone number in the email, as this number could be fraudulent as well if the email is fraudulent.  Look up the phone number for the escrow closer through Google and call that number instead. Just a reminder, at closing you’ll get a refund check back made out to you for the overage closing cost funds you transferred.

Questions for top realtors in Denver or Boulder? Reach out to the Appreciate Realty CO agent you are working with directly or Call/Text us at (303) 956-4948 or email us at hello@appreciaterealtyco.com