Updated almost 9 years ago on . Most recent reply
Does it make sense to close on the forth week on the month?
The VA loan had been giving my wife and I the run around. We went from closing on the 20th of January and now to closing on the 24th after one more paper work goes through.
Should we wait to close on Feb 1st? If we close on the 1st we skip two months of mortgage which would buy us time to earn more income after we leave our owner occupied rental.
The down side of this is that we will lose our rate of 4.0percent.I'm not sure if there are any other pros and cons. Please help?
Most Popular Reply
Keep the lower interest rate and close now. No brainer. An increase in interest rate will cost you a lot of money over time. By closing now you are just changing when the payment comes due, you will not pay more money overall. If money is so tight you cannot afford an extra payment now you probably should not be buying at this time.