Happy Thanksgiving everyone! Today's post will be short and sweet - I sometimes get the question about why a closing cannot occur on a federal holiday. The answer is that the banks and lenders (generally speaking) close on most federal holidays. Sometimes on the less celebrated holidays, lenders remain open, but even if they are running business as usual, funds will not be received unless the banks are open to send and receive wires. In some very rare cases, lenders may send funds early, but in general that doesn't really happen.
So if the banks are closed, and you are financing your purchase with a mortgage, then chances are your closing will not happen. You should plan accordingly around such bank closures.
Happy Thanksgiving, and I hope that everyone out there is planning for a nice and warm evening with friends and family. Safe shopping as well!
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