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jennyal
LIF Adult
Member since 8/07 1430 total posts
Name:
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Best time to close?
Just wondering if there was a best time to close on a house I think we can choose the end of January or 2nd w of February when our rate expires. Is there a difference financially or otherwise?
Also we are in the process of selling our current coop if by chance it all works out, how can we Time it so we can stay in our coop while we get the house painted etc and all moved in?
Thanks and happy new year!!!!!
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Posted 12/31/12 8:33 AM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Best time to close?
There is no best time to close. You only pay mortgage interest for the time you are in the house, whether that is beginning of the month or the end.
Anything you pay now would be taken into consideration when you eventually sell.
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| Posted 12/31/12 9:17 AM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Best time to close?
I'm closing today at 2pm. We didnt get a choice. They gave us our date and time and that's when it is.
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| Posted 12/31/12 10:47 AM |
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LInMI
LIF Adult
Member since 7/10 1802 total posts
Name:
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Best time to close?
A family friend (who is an accountant for the county) always said the best time to close on a house is in January.
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| Posted 12/31/12 4:35 PM |
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jennyal
LIF Adult
Member since 8/07 1430 total posts
Name:
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Re: Best time to close?
Why is that?
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| Posted 12/31/12 4:54 PM |
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jennyal
LIF Adult
Member since 8/07 1430 total posts
Name:
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Re: Best time to close?
Posted by LInMI
A family friend (who is an accountant for the county) always said the best time to close on a house is in January.
Why is that
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| Posted 12/31/12 4:54 PM |
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lisab7
LIF Infant
Member since 10/10 352 total posts
Name:
Lisa
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Re: Best time to close?
Posted by jennyal
Posted by LInMI
A family friend (who is an accountant for the county) always said the best time to close on a house is in January.
Why is that
I would think its because you would get to claim a whole years worth of real estate taxes & interest from your mortgage on your income taxes.
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| Posted 12/31/12 5:28 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Best time to close?
Posted by lisab7
Posted by jennyal
Posted by LInMI
A family friend (who is an accountant for the county) always said the best time to close on a house is in January.
Why is that
I would think its because you would get to claim a whole years worth of real estate taxes & interest from your mortgage on your income taxes.
You can only claim what you paid. How is this any different closing December 31st vs. January 1st? If I close on December 31st, I am still claiming the same amount of mortgage interest for the following tax year.
In fact the reverse would be true in reality. I am not sure why any accountant would prefer you close in January vs. December.
If you close on December 31st, you can at least claim the bulk of your tax deductable closing costs right away.
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| Posted 12/31/12 7:47 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Best time to close?
Posted by ave1024
Posted by lisab7
Posted by jennyal
Posted by LInMI
A family friend (who is an accountant for the county) always said the best time to close on a house is in January.
Why is that
I would think its because you would get to claim a whole years worth of real estate taxes & interest from your mortgage on your income taxes.
You can only claim what you paid. How is this any different closing December 31st vs. January 1st? If I close on December 31st, I am still claiming the same amount of mortgage interest for the following tax year.
In fact the reverse would be true in reality. I am not sure why any accountant would prefer you close in January vs. December.
If you close on December 31st, you can at least claim the bulk of your tax deductable closing costs right away.
I always think closing at the end of the month is best so you can get two months with "no payment due" but then you pay the full amount and have all of it put towards principle.
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| Posted 12/31/12 8:33 PM |
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jennyal
LIF Adult
Member since 8/07 1430 total posts
Name:
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Re: Best time to close?
I'm sorry but i don't understand... You get two months free?
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| Posted 1/2/13 8:22 AM |
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