There are many things to consider and check off your to-do list as you prepare to purchase a new home. A matter that often gets overlooked is the date you choose to close your new home purchase. This often-overlooked detail can make a big difference in your closing experience. Read on to learn how exactly the closing date for your new home can make a difference, and what date is best to choose.
Avoid a Closing Date on a Friday if Possible
Many home purchasers may prefer to move in over the weekend, so they believe that closing on a Friday is the sensible option. However, that very reason is what makes Fridays the worst closing date for your new home. Fridays are typically very busy for title companies and lenders, which increases delays. Additionally, if something goes wrong, a settlement may have to be pushed to Monday, a whole three days later.
Thursdays are not typically as busy, which means both the title company and the lender have more time to give your closing more attention. And if something goes wrong on a Thursday, the settlement can be pushed to Friday, only one day later.
If You Close on a Friday, Choose a Morning Time
If you find that Friday is genuinely the best option for your closing date, select a morning time. Starting early on Friday means wires have time to be sent and received, and if there is any delay or problem, there is still time to push the closing back to later on Friday.
Choose a Closing Date For Your New Home Before the End of the Month
The last day of the month is often the most popular closing date to select. One of the primary reasons for this is that the homebuyer pays interest in advance for the rest of the month, so closing on the last day removes that interest. However, the increased business at the end of the month means that title companies and lenders are overwhelmed with work, and there is no room for errors or delays. Choosing to close a day or two before the end of the month allows for more time and minimally increases the amount of interest.
Avoid the Worst Closing Date for Your New Home
The worse date to close on your new home would be a Friday that also happens to be the last day of the month! Additionally, June 30th is typically the busiest closing day of the year. If you can find ways to plan your closing date around Fridays or a day or two before the end of the month, you can ensure that your closing process will likely be a seamless and stress-free one.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.