Posted on: 08th Jun, 2009 11:20 am
I'm looking to be able to skip as many payments during the re-financing process as possible...what time of the month is best if the payment is due on the 1st, late after the 15th?
if you close in the month of june, your payment is due on august 1, notwithstanding the day of the month you close. if you close on july 1, payment is due august 1; if you close july 2, your payment is due september 1. i suppose by your reckoning, the best of all worlds would be to have your loan funded on the second day of a month. in that case, the actual closing date would have to be in the prior week, to accommodate the rescission period.