The Best Closing Time

For business professionals in countless industries, the end of the month is the most hectic period of time. The same can be said for the title insurance industry. So when is the best time to close on your home?

While many aim for the end of the month because of perceived savings, the total costs remain roughly the same. Generally, interest rates are lower towards the beginning of a month. However, buyers then normally pay another note (with lower interest earlier in the month). There is an exception in the event of a Federal Housing Administration loan.

More so, if you're a first-time home buyer, you're probably transitioning from an apartment. Despite the fact that you're purchasing a property, you can't deduct your rent payments on your taxes. Plus, many people would rather move to their new home sooner than later.

In addition, by waiting for a day ranging from the 29th through the 31st, you have a higher chance of competing with numerous others also trying to close on their property on one of those days.

Of course, we haven't even examined the mantra that "time kills deals". While you aren't guaranteed to lose out on selling or buying a property by waiting a few weeks, it wouldn't be unheard of for either side to find a better deal in the eleventh hour.

By closing earlier in the month, you will usually receive better service from everyone in the lending and closing industry.

For more information on home closings, please contact Cambridge Title Company by phone at 224-330-1886 or by email at info@cambridgetitleco.com.