Is Friday the best day of the week to close on your mortgage? It’s certainly the most popular closing day of the week. And on a monthly basis, the end of the month is the most popular time to close. But according to this article from The New York Times, there aren’t necessarily any financial advantages in closing on a home at the end of the week, or the end of the month.
Borrowers schedule closings at the end of the week or month for various reasons, practical and otherwise. If they have been renting, they may time the closing to coincide with the end of their lease, said Matt Hackett, the underwriting and operations manager at Equity Now, a direct mortgage lender in New York. And closing on a Friday gives home buyers the weekend to move.
However, Mr. Hackett said that midweek closings typically allow for a better deal from movers.
And frequently, a false assumption underlies the preference for end-of-month closings, said Michael Moskowitz, the president of Equity Now.
“People think that closing at the end of the month means they won’t pay an extra month of interest somehow,” Mr. Moskowitz said. “That is totally fallacious.”
