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Answers (8)
- Pasadenan
- Contributions:21466
The best time to close is enough in advance to get your stuff moved before you have to be out of your previous place.
Of course, you could just pay for it to stay in a moving van for a few extra days, but who wants to do that?
And for those "self movers", you don't want to be moving 2000 cubic feet of "stuff" in just one "weekday" when you are expected to be at work and you can't get any friends or relatives to take time off of work to help you.
Of course, you could just pay for it to stay in a moving van for a few extra days, but who wants to do that?
And for those "self movers", you don't want to be moving 2000 cubic feet of "stuff" in just one "weekday" when you are expected to be at work and you can't get any friends or relatives to take time off of work to help you.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
From the Seller's perspective, yesterday, or last Monday, is usually better than tomorrow, or the end of the month.
Thumbs up to PukonYukon!
Thumbs up to PukonYukon!
- Angie Boggeman, "angie boggeman"
- Contributions:469
Depends on what your priorities are. Most people will say the last week of the month. There is less money to bring to closing. However, the lenders, closing companies, real estate agents and moving companies are busier during this time.
- PukonYukon
- Contributions:173
that's silly, there is no best time of the month. so you move the date back in the month and pay less interest, you own the house a few days less and stayed in old house a few days longer.
and if you just have the next month's payment quicker.
and if you just have the next month's payment quicker.
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
Yes, there is a best time of the month to close. If you close toward the end of the month, you will pay less upfront costs (prepaid taxes, etc).
- Summit Mortgage Corp
- Contributions:8
No - unless you are short on cash to close. Per diem payment is the interest on the loan from the closing date until the first day of the next month - but then you are making a payment sooner than closing at the begining of the month. (close on the 30th of December and pay two days per diem interest, 1st payment will be on the first of February, Close at the begining of January and no house payment until March 1st but per diem for almost a month at closing) An interest only/per diem payment does not reduce the amount you owe the bank - it's interest only so it does buy you some time - if you need it.
- Bryan & Rachel Hoffman, "Bryan Hoffman"
- Contributions:13
Since most people move on the last weekend of the month, or last day of the month, you may want to consider another time to move. Moving companies and self-mover rental companies are busiest and offer the least flexibility when the demand is highest. Holiday weekends are a common time to move as well. Since most lenders don't require a mortgage payment until after the first full month has accrued, some buyers like to close near the beginning of the month as a full 6-7 weeks can pass before the first payment is due. Keep in mind you will still have to pay the prorated month and the first full month together in that first payment.
- James Ryan, "GreatRateFolks"
- Contributions:1038
Although I have never been a big fan, most feel the last week of the month is best (the per diem interest is lower, and your costs appear lower). But even with my ambivalence, 75% of my closings were in the last week of the month, go figure!
Merry Christmas, Jim
Merry Christmas, Jim
Is there a "best" time of the month to close on a house???
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