Whether a closing can occur on the weekend is a question clients have occasionally. The simple answer is no. If you are purchasing a house, most mortgage brokers and banks will be closed on a Saturday or Sunday, and therefore you won’t be able to transfer funds for your closing. It is very, very rare that a closing can occur on the weekend.
If you are selling a house, you may have the option of signing your closing documents ahead of time, but not if you are purchasing a home, as the lender or mortgage broker will need to be open. Similarly, closings can’t be held on any holiday for which banks are closed.
In general, there is no perfect choice when deciding on when to close, and what’s best will really depend on your situation. But here are a few other things to bear in mind.
Is closing on a Friday best?
In our experience, Friday tends to be the most popular day of the week for clients to close. This means that your realtors and attorney will likely be busy that day, though there is nothing wrong with closing on a Friday. One advantage to closing earlier in the week is it leaves a couple of days to clear up or resolve any last minute issues.
Is it better to close early or later in the month?
There are pros and cons with closing early on or later in a month, and one isn’t necessarily better than the other.
The first two weeks of a month tend to be less busy for realtors and attorneys, making it more likely that you will get to close on your ideal day. Closing at the end of the month may result in lower closing costs. This is because closing costs often include prepaid interest, and closing at the end of the month means you'll have fewer days of accrued interest to pay at closing.
Need an experienced attorney for your next closing?
At Pederson Real Estate Law, attorney Charlene Pederson has over 25 years of experience guiding Connecticut clients through residential real estate transactions. If you need an experienced, attentive attorney for your closing, reach out today for a free consultation.