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When you close on a mortgage, you’re required to pay for any interest that accrues between the closing date and the end of the month. If you’re closing on the last day of the month, you’re not going to get hit with a big interest bill. But if you close near the beginning of the month, you’ll have to pay more in interest.
There is a cost per diem that is associated with closing at the beginning of the month vs the end of the month . The per Diem rate is determined by dividing the entire monthly cost of your loan, including PITI by 30 days. A Banker’s month. Then, for every day after the 30th of the month that you don’t close, you are charged that per diem rate.
"If you close on a home at the end of the month, you can take advantage of the prorated costs. From a cash-flow perspective, your out-of-pocket costs would be lower," said Andrew McCrea , account executive with PMBC Group in Beverly Hills, Calif.
There is a cost per diem that is associated with closing at the beginning of the month vs the end of the month . The per Diem rate is determined by dividing the entire monthly cost of your loan, including PITI by 30 days.
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What is the best time to close a house ? Starting of month, end of month or middle month.How does it? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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If you close on July 29, for example, you pay interest at closing covering July 30 and July 31. Your first monthly payment due September 1 pays the interest for the full month of August. If you close the first week of August, say August 3, you may have a choice.
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If you are debate the merits of having your closing date at the end of the month, there are some things you should consider. First of all, let’s look at the difference between renting and buying a home. When you are renting, it is no secret that you pay your rent at the beginning of the month.