Is it better to close on the 1st or last day of the month?

lorenw14 · May 2014

Hello,

My wife and I are purchasing our first home. We are supposed to close on our house next month in June. I was wondering if it is better to close on the 1^st or last day of the month? I would like to time it where we can save the most money without making a payment. We still have a lot of stuff we need to buy. Lawn Mower, Lights etc…

LoveKiss · May 2014

Closing at the end of the month will minimize the amount you need to bring to the closing table.

G2SoccerTaz · May 2014

Neither. Because everyone else is closing then. I would recommend the middle of the month. We closed mid May and our first mortgage payment was not until July 1st.