Cashier’s Check Instead, you’ll need to provide a cashier’s check made out in the amount you need to pay to cover the cost of closing your loan. Your lender or title insurer will provide this figure before closing day so that you have enough time to secure a cashier’s check.
What happens if I don’t get a cashier’s check?
Unused Cashier’s Check
Inform the teller that you did not use the cashier’s check as planned and you would like to receive the funds back into your account. Allow the teller to mark the check “Not used for purposes intended” and credit your account.
Is a cashier’s check safer than a wire transfer?
At Title Partners of South Florida, we’ve used both wire transfers and cashier’s checks in the past, but like most title companies, we now require wire transfers for all of our real estate closings. They have proven to be the most reliable and safest choice for transferring money at closing.
When should a cashier’s check be used?
Use a cashier’s check when you need to make a large payment and a personal check or credit card isn’t acceptable, and paying with cash isn’t safe or practical. A cashier’s check is a safe, efficient payment method when a large sum of money, generally anything over $1,000, is required.
What is better cashiers check or certified check?
The bank guarantees a cashier’s check—meaning the bank is held responsible if the check bounces. With a certified check, you guarantee the check you write from your account. That makes cashier’s checks safer and potentially slightly more expensive to obtain.
What is the maximum amount for a cashier’s check?
Although the policy may change from bank to bank, generally there’s no upper limit for a cashier’s check. The payee typically has quicker access to a larger amount of the funds with a cashier’s check.
What do I need for a cashier’s check?
To get a cashier’s check at a branch, you’ll just need to: Get your information together. You’ll need the exact name of the payee and the amount for the check. You’ll also need to have a picture ID to verify your identity and any notes you want to include on the check regarding what the payment is for.
Is cashier’s check or wire transfer for closing?
One of these processes is securing a bank-certified payment method, such as a cashier’s check or wire transfer, for closing day. A cashier’s check or wire transfer is really the only option for a safe and reliable closing transaction, says Steve Hill, lead mortgage broker at SBC Lending in Southern California.
Should you wire money before closing?
Wire your money one to two days before closing. Don’t wait and try wiring money day of closing day. There’s too much going on, and there’s no guarantee the funds will be available. That could lead to you closing late and not getting your keys on time.