August 05, 2020
THE BEST DAYS AND TIMES TO CLOSE ON YOUR NEW HOME PURCHASE
Congratulations! You put your dream home under contract! Today I'm going to discuss the best days and times to close on your new home purchase!
CLOSING EARLY IN THE MONTH
There's two days that I typically tell my buyers, let's
not target those days. Anywhere from the first to the 14th means that you will
owe more taxes, more property taxes on the home at closing. It also means that
your first mortgage will be due earlier.
CLOSINGING LATER IN THE MONTH
If you close on your home anytime after the 15th, so let's
say you wait another 15 days and you do it on the 30th, or maybe you're closing
on, originally you're thinking the 11th, let's push it back. Let's do the 26th,
then you will owe less than property taxes at closing. So less in closing costs
for you and your first mortgage payment wouldn't be due until like a month
after that.
EXTEND YOUR FIRST MORTGAGE PAYMENT
So for example, if you're closing on the 10th and it's
August 10th, and then you need to turn around and make a mortgage payment, come
September 1st. If you close around the 25th, the 26th, whatever, your first
mortgage payment would not be due until October 1st.
AVOID FRIDAY CLOSINGS
And avoid Fridays. Do it Monday, Tuesday, or Wednesday,
because if something comes up and you need to approach that item and get it
taken care of, Fridays are not the time to do it, especially if you're closing
in the afternoon. Close anywhere between eight and noon. If you're having to
have money wired or transferred, so if you're selling another home too, because
that allows time because banks will stop wire transfers around three o'clock.
BOTTOM LINE
So that's your tip for today.
Closings. Don't do them on Fridays, as late in the month
as possible so that you as a buyer will have less out of closing costs and a
different mortgage payment date, which gives you a bit of a reprieve.
I hope you found this helpful, and you guys have a great
day.
