offer, the buyer will include a closing date, and depending on the seller’s circumstances, it might be acceptable or could be countered with other terms. Don’t choose a date casually. The right date can ensure a smooth closing and reduce closing costs; the wrong date puts the home buyer at risk of not closing on time, needlessly complicating the move, increasing expenses, and even losing the new home. Expenses are prorated through the closing date, so generally, there’s no better day of the month to close. However, in financing a mortgage, there are some differences regarding what is collected as a prepaid item and when the first mortgage payment is due. Some advice and tips: • Give yourself enough time. Don’t set the closing date too soon unless you’re paying cash. There are many steps involved with a home purchase. It takes time for the loan process. An early closing date might predate final loan approval. • Avoid closing at the end of the month, if possible. This is the busiest time. Unexpected issues are better dealt with if the title officer, attorney, and lender 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. • Coordinate with your local utility companies to ensure they can start service on the closing date. Living without water, heat, A/C, or Wi-Fi 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 in July your first payment is due on the 1st of September. However, interest
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