Closing on your Lakeland, Florida Home On or Near Labor Day? Plan Ahead!

Lakeland Real Estate - Closing Dates Near Labor DayAs the unofficial end of summer, Labor Day weekend is popular vacation time for Lakeland, Florida families.

And this year, with home sales on the rise and Lakeland mortgage rates relatively low, early-September mortgage loan closings will be very popular.

These points may appear unrelated, but there is an important connection between them.

Like workers in every other industry, employees of the mortgage, title, and real estate industries are just as likely to be taking time off on and around Labor Day.   Yes – even those of us involved with Lakeland Real Estate like to enjoy down time with our families!

For Lakeland home buyers with pending contracts, therefore, the closer that early-September closing date gets, the fewer industry folks that will be working to help close on your new house.

The same goes for Lakeland households in the middle of refinancing their home loans.

With less than 4 weeks until Labor Day, you can take steps today to prepare for other people’s time off.  Here’s a few of them:

  1. Let your lender or mortgage broker know if you have any planned vacation time between now and your scheduled closing.
  2. Take care of your homeowners insurance policy by pre-paying the first year, effective on your closing date. Send proof of payment to your lender.
  3. Consider having Power of Attorney forms lender-approved and signed by all parties, if applicable.
  4. Deposit gift monies and/or retirement fund withdrawals into an acceptable bank account, if applicable.
  5. Schedule your final walk-through far enough in advance to resolve any issues that may arise.
  6. Have your funds ready for closing at least 1 day early.

And, perhaps most important… fulfill your mortgage lender’s requests for additional supporting documentation within 24 hours of notice.  This includes requests for updated pay stubs, bank statements, and tax returns.

The best reason to handle these tasks in advance is that by the time Labor Day is around the corner, basic mortgage approval tasks will already take longer to complete — from clearing conditions to sending a wire.

Reduced staff means slower response times.  So stay ahead of the curve, and help save yourself from potential headaches down the road.  And, if possible, avoid closing on the Friday before Labor Day and the Tuesday after.

On these days, staffs are the most lean of all.

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