Paying fees in cash while closing

[Peter Morgan]

I have some free cash available about 3k from a tenant who paid his last two months in cash this year. I am considering a refinance and was wondering if it’s okay to pay all the associated fees in cash? Appreciate your inputs

thanks

[David Kelly]

@Peter Morgan

Lenders won’t allow cash to be brought to the table. The money that is used for closing costs needs to be verified and sourced per Fannie/Freddie requirements . My suggestion is to put that in the bank right away and when closing time comes you can use the drive-through window and get a cashiers check. Typically they want to see 60 days history in the bank you are using. However, if you aren’t required any cash to close the bank statements aren’t needed. Much easier!

Someone else brought up a good point. Most of my refis I don’t have you bring any money. You might want to look at all your options. Let me know if you have anymore questions.