Gail Mercedes Cole
I think that yes, it does mean that they're pushing for an earlier COE. So communicate this information to your agent and talk to Escrow to follow up and see if everything else is in place. Escrow can then ask the other party is they are willing to close earlier. If they agree and everything is ready then you have your new close of escrow day. Of course due diligence is prime. So good luck!
If you close the loan early, that generally means that it will fund and monies are paid by your lender. You will be required to have your portion of funds in escrow and escrow must have all documents signed and ready to record at the County Recorders Office. Once you sign your loan documents, the loan will funds within a specified time frame, then the property sale records and title is transferred to the new owner.
So Yes! It would be closing early. Be aware that Monday is a legal holiday and no recordings will occur. If the loan funds this Friday, it will record most likely on Tuesday and you will pay interest on your loan over the weekend until it records without the benefit of being in your home.
Congratulations! Enjoy your new home!
All the best,
Kat Becker, Realtor
Prudential California Realty
Other than rate lock, the only reason I can think of for moving up the date might be so you do not fund on a Friday and close on a Monday whereby your pay interest on the loan over the weekend without actually owning the home.
It might be best for you to simply ask â€œWhy?â€ and then decide...
Find out why they want to close early? If your lock will expire before you close, it could cost you money. If there is another benefit to you, it may be worth considering. Usually it's the seller or the agents wanting to close early, so I don't know why the lender would. Find out from them.
Be sure to confirm with your lender the expiration of your rate lock before making any changes to closing date in either direction.
Once you sign loan documents and are acceptable by your lender, lender wire money to title company and escrow executes deed to record and closes.
Have you perform all other purchase conditions before closing?