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Scheduling Your Closing Date

A few things to consider when scheduling your closing date:

Your Current Living Situation
If you’re renting, you'll want to schedule the closing around the time your lease ends. If you plan on doing some improvements/remodeling on your new home before moving in, pick a date a couple of months before you have to move from your rental.

If you'll be moving out of a house that you are selling, you'll be juggling two closing dates. Most folks need the cash out of the first house to pay for the second house, so schedule the closings in the right order. But beware; two closings in one day will make for a headache. However, it's over in one fell swoop.

Mortgage Considerations
Make certain the closing date is set before your lender's commitment -- or any interest rate lock -- expires.

Your Work Schedule
Though most closings last about an hour, you don't want to try to squeeze this into the middle of your work day – things may go wrong. This is a significant purchase, so take at least half of it off from work and savor the moment.

Year End Timing
If scheduling a closing at the end of the year, keep taxes in mind. Any points and interest paid before the New Year can become deductions for this year's taxes. Check with your tax adviser for the timing of any other deductions.

Moving Day
If you plan on moving on closing day, schedule the paperwork as early in the day as possible.