Best Date to Close? (lenders, payment, closing, buying)

[teebopop]

What is the best date of any month in which to close for the buyer?

The end of the month of the beginning of a new month?

And why?

Thanks in advance.

[jeffselan]

The closer to the end of the month you close, the less pre paid interest you need to come up with.

[pghquest]

Originally Posted by jeffselan

The closer to the end of the month you close, the less pre paid interest you need to come up with.

If you cant come up with 30 days of pre paid interest, you shouldnt be buying a new home... Start looking for empty bridges you can sleep under.

[SoDak11]

As a first time homebuyer who is also moving to a new city, I'm trying to get a closing for as early in June as possible, because this delays the first mortgage payment until August 1st. If I closed on May 31st, the first payment would be July 1st. Those 2 months without rent and without a mortgage payment are crucial for me as I get settled in, and start a new job.

[teebopop]

I totally agree with you SoDak11.

Thanks.

[renriq02]

i would try to do it after the 5th...and maybe before the 25th.
Closing before the 5th or after the 25th may cause you to pull out your hairs.
Everyone closes at these times, and the lenders maybe swamped.

[kcam213]

I have heard that you will want to close by July if it is a new build, because your taxes for the following year will be based on last year's taxes (which was assessed on raw land). If you close after July, your next year's taxes will be based on the assessed value of your home.

Please correct me if this is wrong.. but this was my understanding of what my LO told me.

[renriq02]

this is very likely to be true.

Originally Posted by kcam213

I have heard that you will want to close by July if it is a new build, because your taxes for the following year will be based on last year's taxes (which was assessed on raw land). If you close after July, your next year's taxes will be based on the assessed value of your home.

Please correct me if this is wrong.. but this was my understanding of what my LO told me.

[mich2fla]

Originally Posted by kcam213

I have heard that you will want to close by July if it is a new build, because your taxes for the following year will be based on last year's taxes (which was assessed on raw land). If you close after July, your next year's taxes will be based on the assessed value of your home.

Please correct me if this is wrong.. but this was my understanding of what my LO told me.

Here in our township, it's Dec 31st. Check with your city/township.

[HappyTexan]

End of any month to pay less prepaids.