When you go to the closing for the purchase of your new home, you have to bring a cashier’s check to cover the down payment as well as your closing costs. Closing costs cover a variety of expenses that the lender discloses to you prior to closing. If you have purchased points to bring down your interest rate, this is part of the closing costs.
There are a lot of expenses that have to be paid with the closing costs. For example, the appraisal fee, attorney fee and credit report are all paid for with the closing costs. The settlement statement itemizes all of the fees that you have to pay.
On the actual day of closing, you not only have to pay the closing costs, but also the down payment. Both are expected to be paid for with a cashier’s check. However, you do not need to get two separate cashier’s checks. The lender lets you know exactly how much the total amount will be. The final amount that the lender tells you includes the down payment as well as the closing costs. That simplifies things for you so that you just need to bring one check to closing.
