What The Buyer Should Consider When Scheduling A Closing
Introduction
As you know, timing is critical when scheduling the
Closing. Here are a few things to consider:
- Current living situation. If you are renting, you'll want to schedule the closing around the time your lease ends. If your plan is to do some work on your new home before moving in, pick a date a couple of months before you have to move from your rental. The seller may hinge the closing on buying another home so plan accordingly. Be careful. You may not want to schedule anything else on your Closing Day. However, it's over in one fell swoop.
- Mortgage considerations. Make sure the closing date is set before your Lender's Commitment or any Interest Rate lock expires.
- Work schedule. Though most well-run closings last only about an hour, you don't want to try to squeeze this into a lunch break. Things can go wrong. This is a huge day in your life, so take at least a half a day off from work.
- Moving. If you plan to move the day you close, schedule the paperwork as early in the day as you can.
- Yearend. If you are scheduling a closing at the end of the year, keep taxes in mind. Any Points and interest paid before the New Year can become deductions for this year's taxes. Check with a Tax adviser for the timing of any other deductions.
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