Most home buyers don’t give it a second thought most of the time when they buy a home they usually want to close and get in their new home as soon as possible. However, like it takes nine months before a baby is born, just a little patience could make a big difference. I don’t mean 9 months of patience! How about the end of the month? Yes, if you close at the end of the month, you may save a few hundred dollars at the closing table that you could use to buy paint or just treat yourself and the family to a dinner out at a nice restaurant. Let me give you an example.
With your home loan interest accrues from the closing date to the end of the month. If you jump the gun and close in the middle of the month – say the 16th – you will have to pay 15 days of interest. However, if you close on the 30th of the month you pay for one day of interest saving you at least a few hundred dollars. Definitely something to look forward to when you’re already spending a great deal of money. Saving is GOOD! If you have any questions about buying a home, please contact me at firstname.lastname@example.org or call 609-484-9890.