Guest Stewart32 Posted May 25, 2005 Report Share Posted May 25, 2005 Hi Everybody,What is the best time if month to close on a refinance.I noticed that my documentatin makes provision for at least 10 days interest. Also, the HUD documents should be in my hands at least 24 hours prior to close, correct?Thanks Link to comment Share on other sites More sharing options...
firstsource Posted May 27, 2005 Report Share Posted May 27, 2005 As far as the best time to close, it depends. The later in the month you go, the less pre paid interest you have to pay, on the other hand, if you close on the 5th, you just pay interest on the loan until the end of the month, then skip that next payment.Yes, HUD's are supposed to be to the borrower 24 hours before closing, but sometimes things happen and in the rush, it is less than that.Charles Link to comment Share on other sites More sharing options...
Guest Stewart32 Posted May 31, 2005 Report Share Posted May 31, 2005 According to my LO, my mortgage will be due the 1st of the month. That happens to be the same day I will close. I'd rather close and make the initial payment at the time of close in lieu of part. interest since the monthy payment is less than part. interest. Can this be done, normally? Link to comment Share on other sites More sharing options...
firstsource Posted June 1, 2005 Report Share Posted June 1, 2005 It will be an option. If you closed 1 day earlier, it would not be, and if you closed 5 days later, it would not be, but in that space, lenders seem to want to do things the way you would like.Charles Link to comment Share on other sites More sharing options...
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