![]() Once the funds are received and all paperwork is signed, they’ll distribute the money to the appropriate parties. They’ll provide the instructions for wiring money for closing including how much to wire and where to send it. Depending on your location, this person may be called a title agent, settlement agent, escrow agent, or closing attorney. Typically the funds are sent to your closing agent. Wire transfers are less common and typically reserved for larger transactions that need to be made quickly. You’ve likely used ACH transfers for everyday needs such as paycheck direct deposits, online bills, and person-to-person (P2P) payments through mobile financial products. Like automated clearing house (ACH) transfers, wire transfers are a convenient way to send money without exchanging cash. ![]() What is a wire transfer?Ī wire transfer, or money wire, is an electronic transaction that you can use to send money from one financial institution to another. Here’s what you need to know about wiring money for closing, including how it works, timing, and how to keep your funds safe. Sometimes a certified or cashier's check is accepted, but many companies prefer a wire transfer for house closing. Soon you’ll sign papers and get the keys to your new home.īefore closing, the funds for your down payment and closing costs need to be ready.
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