Same day closing mortgage allows you to sell your property and at the same time use the money from the sale to buy another property so you get a new home instantly. In theory, it’s a good thing. You don’t have to wait for days before you can move in to your home, your money from the sale will not be used for unnecessary things, and only one process will be done to accomplish the selling of old property and buying new property. It’s a very convenient process. But that seems to be the only up-side to this arrangement.

Many experts, including lawyers and seasoned mortgage brokers, do not recommend same day closing of your mortgage. Here are some of the reasons:

• In expediting the process you could overlook a few things – in your haste to get the deed done, you may overlook legal clauses, property problems, and other things about buying the property. You may not have seen a clause in the contract on the day the contracts were signed and when you were able to look at it closely it turns out you do not agree to that clause.

• The fees you need to pay may be huge – with the quick transaction, the attorney’s fees, the broker’s fees, and all other fees may be bigger than if you process your mortgage the usual way, especially if you’re lending money from a private mortgage lender. This can set you back a huge amount. But if you really need that property fast, the amount to be paid in fees can easily be overlooked.

• Haste could sometimes make waste – when you rush into buying a property, you lose out on looking for a better prospect. You may also lose out on selling your property for a better price.

These are the risks that you take in order to obtain and sell a property in the fastest way possible. It’s not an ideal thing but some people find this process better than traditional buying and mortgage. Use the process that works for you, and if you have any questions or concerns, talk to your broker.