New Member
Posts: 2
Registered: ‎04-17-2007

Best time to apply for a mortgage

What part of the month is the best time to apply for a mortgage or refinance.  2st, 15th, or 30th?
New Contributor
Posts: 67
Registered: ‎04-13-2007

Re: Best time to apply for a mortgage

I don't see any day as better or worse than any other day. The only number that should really change is the prepaid interest amount due at closing. In a refinance, if you fund on the 10th, you will have 10 days of interest to pay from your old loan and the remaining 20 days of the month will be interest due on the new loan. Either way, you are paying 30 days worth of interest.
Some mortgage companies may impress upon you the importance of closing prior to month end.  Many times that is because they get paid a higher split for a higher loan volume in each monthly period.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.