Posted by Tim Fierro (Tacoma, WA) on July 10, 2002 at 24:53:08:
Depends on your goal. If you are purchasing a multiplex of some kind with tenants, closing shortly after the 1st of the month will transfer all those rents to your side of the balance sheet and all deposits. This could lower your out of pocket. If closing time is important for you and you are using lender financing, the end of the month will sometimes be busy and cause delays that could cruise into the next month. I don’t know how many months you can save by paying your first payment at closing, I haven’t heard of this before that there was some kind of “months” savings by doing so.