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Mortgage Glossary

Terms & Definitions

Closing Day (Closing Date)

The closing date, or closing day in a mortgage transaction, is the date the transaction is scheduled to be completed. For home buyers, this is the date you will be required to provide your lawyer with a bank draft for the remainder of your down payment and closing costs.

When purchasing a property, the closing date is mutually agreed upon between the seller and buyer. The closing date typically is between 15 and 120 days.

When purchasing a new home or pre-construction property, the closing date is usually one or more years in the future.

When refinancing a mortgage, the closing date can be as quick as 24 to 48 hours, with a private mortgage. With institutional lenders, closing dates are set approximately 15 to 60 days.

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