The Best Days and Times to Close on Your New Home Purchase

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.

So if you're closing on a Friday and you're having the funds wired and they wire it after three o'clock, the funds won't be to the seller until Monday and that poses a problem.

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.

Comments