Episode 103 Transcript – Don’t set a Friday closing date

Hello there! You’re live with Jessi Johnson and I have some very exciting news for me as a business owner which I’ll discuss with you in just a few minutes. My real estate related point of the day is if you’re a realtor or you’re looking to purchase a home or refinance, don’t make the closing date, which is the date of funding, on a Friday. I know it’s very common. People do this on Friday but the reason I suggest against it is because if there’s a hiccup, a problem persists, it happens from time to time, what will happen is they will have to extend the closing date by one day. On a Friday what happens is the money is already advanced by about 2:00 so if you extend that to Monday now what happens is you are going to be charged interest from the lender for Friday, Saturday and Sunday which is a fair amount of money. Now there has to be an adjustment on the statement at the end. It’s going to cost you money. Very unfortunate. My exciting news of the day today is last week I actually hired an in-house underwriter. I had the pleasure of working with Darren Popoff who is also an independent mortgage broker for quite some time now, close to a year. We’re getting enough business I was able to take an existing underwriter from a bank and have them come on board. Little risky, well not risky but it is a little bit of concern because now it’s added overhead. I’ve got enough to cover it, I’m not too concerned about that but it’s a big deal. I’m proud either way. You can reach me at www.jessijohnson.ca or www.firsthomeinfo.ca. Have a good day. Remember to own your life.