A closing date is very critical to all parties involved. The sellers and buyers have many arrangements to make leading up to closing, and the lenders and title companies have many prepartions to make before closing. A holiday can impact how quickly you may close on a home. Take into account these 5 different circumstances and how they can affect your closing date.
1- Delayed Appraisal/ Inspections
It may take additional time for appraisals and inspections to be done a home during the mortgage loan process. A holiday can take away a business day where this could have been accomplished. Be sure to schedule your appraisals and inspections as soon as possible to lessen the chance of a holiday impacting your closing date.
2- Closed Offices
Both the lenders and title companies follow the federal holidays. Additionally many real estate agents and homeowner’s insurance companies will observe these holidays as well. Be aware of the time you have to work with all of these different offices before your closing date.
3- Actual Closing Date
With offices being closed on holidays, your actual closing date may need to wait a day or two as well. There may still be the same number of closings that month, but less business days to accommodate them all. Be proactive in preparing everything you can on your behalf to lessen the chance of delaying your settlement.
4- Distribution of Funds
If you close on a home right before a federal holiday, it can impact the distribution of funds to and from buyer and seller and financing parties. Inquire with your settlement agent on how the transferring of funds may be impacted.
5- Recording of Mortgage
Additionally if you close right before a holiday, it can affect the recording of your mortgage within the county offices. Speak with your mortgage professionals to see how you may be affected, you can also inquire about how the holiday will affect your right to rescission if applicable.
Everyone deserves to enjoy a holiday, so keep these five items in mind leading up to your closing date. Be respectful of everyone’s time including your own, stay on top of required inspections and documentation, and sit back and enjoy the holiday!