This is the busiest time. Unexpected issues are better dealt with if title officers and lenders are readily available. • Make your closing align with the actual move from your old residence to your new house. Ideally, your move should be from one to the other without a hotel stop in between. • Arrange with your local utility companies to ensure they can start service on the closing date. Living without water, heat, air-conditioning, or Wi-Fi until they are activated is unnecessary — not to mention unpleasant. • Mortgage payments are almost always due on the first day of the month and the payment is for the preceding month. As an example, if you close on July 15th, your first payment is due on the 1st of September. However, the interest being paid with your September payment is for August. This is called an "interest-in-arrears" type loan which is the most common. You will have to pay "odd- days" interest at closing for the days from July 15th to the end of July. If you close earlier in the month, say on the 10th, you would have to pay for 21 days, but if you close on the 25th, you would have to pay six days of interest. If money is tight, closing toward the end of the month will reduce your immediate out-of-pocket expenses. If you schedule a closing and fail to complete it on that day, there are consequences. Depending on whose fault the delay was due to, you could face increased closing costs the next month, possibly a higher interest rate if the rate lock expired, in addition to any penalties called for in the contract for the delay. Although most sellers will work with you if the transaction does not close on time, failure to close opens the door to a seller canceling the sale if the delay was on your side. This is most likely to occur in a
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