WHEN TO SCHEDULE CLOSING??

[Anonymous]

Hey All,

So, I've been told that it's best for me to schedule the closing at the start of the month

but I'm still not clear as to why..

I have a conditional offer on my cash-out re-fi and could potentially close around the 20th.

Is it really worth waiting and trying to push til the start of June?

H.

[Anonymous]

If you close at the end of the month you save on the amount of prepaid taxes that will be included in closing costs but you will only skip a mortgage payment for 1 month where as if you close at the beginning of the month you pay more prepaid taxes but it will be 2 months from the time you close until you owe your 1st mortgage payment so it's pretty much personal preference.

[Anonymous]

Thanks so much for the response.

So there really isn't that much of a financial benefit, I guess.

[ezdriver]

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@Anonymous wrote:

Thanks so much for the response.

So there really isn't that much of a financial benefit, I guess.

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That is correct. Go with a date that is convenient for you and the lender will go along. If it were a purchase mortgage, it would be a bit more complicated.