Are you tempted to move up your new home close date? If you feel like you have everything in order, it can be tempting to push your close day up. However, carefully choose which day of the week you close. Selecting the wrong day can lead to more delays and waiting.
Fridays are the worst day of the week to close on a new home, while Tuesdays rank as the best. In this article, GOBankingRates explores why this is the case and important factors to remember as you schedule your closing.
Friday: Worst Day of the Week To Close on a New Home
Try to avoid closing on a new home on Fridays. If something goes wrong during the closing process, such as the title not coming in or your wire not clearing, your close date will be pushed back until the next week. This will leave you with another painstaking weekend of waiting.
Fridays at the end of the month should be avoided at all costs. The last Friday of the month usually has a high volume of closings, increasing the risks of errors and delays. Pushing your closing date back more than one day can create more paperwork for you and your lender.
For example, real estate tax prorations are based on ownership days. If your Friday closing gets delayed until Monday, the title company must re-calculate your portion of real estate taxes. The same goes for any other prorated expense, like interest and utilities. These items can further delay your closing.
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Tuesday: Best Day of the Week To Close on a New Home
Tuesdays are the best day of the week to schedule your new home closing. This is because all parties involved have Monday to tie up any loose ends. In addition, if your closing does get delayed, you have three more days during the week to close.
Closing mid-week is also beneficial in case something goes wrong after you close. For example, if your heat or air conditioning unit does not work, you can easily call a handyman to come fix it. If you wait until Friday, you may need to pay higher weekend rates.
It’s best to schedule closings at the beginning of the month, if possible. Waiting until the end of the month can lead to unforeseen delays due to high transaction volumes. Choose a Tuesday early or mid-month for the best chance of avoiding delays.
The Bottom Line
Which day of the week are you scheduling your new home closing on? Before you move your closing date up, keep these factors in mind. After all, delays are common in the home-buying process. Minimizing your delays can be done by carefully selecting your closing date.
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This article originally appeared on GOBankingRates.com: Don’t Close on a New Home on This Day of the Week
