Kat Timpson - THE COMPLETE GUIDE TO BUYING A 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 in what is collected as a prepaid item and when the first mortgage payment is due. Also, if you have a close on a weekday and it gets delayed a day or so, you don't have to wait through the weekend as one does if there are problems on the traditional Friday close dates.

Some advice and tips:

Give yourself enough time. Don’t set a short closing date unless you’re paying cash. There are many steps involved with a home purchase. It takes time for the loan process. A short 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 title officers and lenders are readily available. If you are selling and buying at the same time, ideally you want to align your closings so you can move from your old residence to your new house. However, in our market, there are plenty of delays so be prepared to be between homes in case a closing does not happen as expected. Arrange with your local utility companies to ensure they can start service on the date you take owner-ship. 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 in July, your first payment is due on the 1st of September. However, interest is due for the month of July from the date of closing. If you close early in the month, say on the 10th, you would have to pay for 21 days, but if you close on

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