In the Market: Best day to close on a mortgage?
This weekly feature is a real estate news and information roundup from a millennial’s point of view. When a young professional moves from Indianapolis (median home price $125K) to San Francisco (median price $1 million), you can expect an adventure. Nneka Madus, an analyst in Bank of the West’s Mortgage Division, did just that and has plenty to share in her quest to own a home in San Francisco.You’ve decided to try your hand at homeownership after shopping around for a lender and applying for a mortgage. Then you get the much-dreaded news: You’ve been denied for the loan. While this may be demoralizing news, now may be the time to really get prepared before applying for a loan again. According to Anya Martin from the Wall Street Journal, one reason applicants are denied mortgage loans is because of their credit history. Check out these tips to help get your credit in line before applying for a mortgage. Is there really a best day to close on a mortgage? In this New York Times article, Lisa Prevost explores the best times to close a mortgage loan. Before you get too excited, let me tell you one thing: There may not be any financial advantages to closing one day over another — at least when it comes to your actual mortgage. The money needed to close will remain the same, but financial advantages may come in other ways. Aside from finding cheaper moving services that cost less during a weekday, Lisa finds that there may be some other practical reasons for borrowers to schedule closings on a certain day.