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Ally has cashiers checks but requires 7 days. I may not know the exact cost 7 days before bc we are doing a quick close.
I don't have a local bank. Would I be able to write my dad a check for a ton of money 10 days ahead and he gets the check for me locally?
No, because usually the lender wants the funds to come out of the account they have already sourced. Basically, you need to have a check cut for more than you expect. You were given a good faith estimate, and that should have a good estimate on it. Use that number, or maybe even bump it up a couple of hundred for a buffer. The title company will cut you a refund check.
Better yet, you should just initiate a wire transfer from Ally to the escrow account.
No, because usually the lender wants the funds to come out of the account they have already sourced. Basically, you need to have a check cut for more than you expect. You were given a good faith estimate, and that should have a good estimate on it. Use that number, or maybe even bump it up a couple of hundred for a buffer. The title company will cut you a refund check.
Better yet, you should just initiate a wire transfer from Ally to the escrow account.
I just got the initial disclosure but there's a few errors where it's around 2k more than it should be so I guess I'll wait until I get a better number next week and get a check or wire. Thanks.
Just get the check cut for far more than needed. Call the title company, tell them what's happening and get their figures. Give those numbers to your LO and ask them for a best efforts cash to close. Then add $$$.
We also have no local bank (we use Ally for savings and USAA for checking) and just did a wire transfer. Took less than 24 hours and was really smooth, and the fee for a wire transfer was about the same as what we paid for a certified check when we had a local bank
I use Ally and did a wire transfer when I bought my house. Much easier than dealing with a paper check. I put the request in online and then I had to talk to them on the phone to verify I had initiated the transfer and that was it.
The mortgage bank has to investigate all sources of monies going towards the downpayment and closing costs. You signed many forms disclosing the sources of all of the money you were bringing to closing and the downpayment. So getting a check from your father's account would invalidate that statement and thus the mortgage. It would bring the whole deal to a screeching halt...even if you first gave the money to your father to cut the check.
Getting a wire transfer is very easy and only costs about $20. (remember that a cashier's check is usually half that at least). In a few moments the money will be in the title company's hands. You will have an electronic record of the transfer. No need to worry about postal carriers or anything like that. Banks like Ally are very used to dealing with wire transfers especially for closing costs.
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