Open Your Month With Closings!
Schedule your closings for the first week of the month, not the last; you’ll receive better delivery, quality and service.
It’s conventional wisdom that it is better to close a mortgage loan at the end of the month, but why? Pre-paid interest is why. Pre-paid interest is the interest paid from the date of the closing until the last day of the month. This is due with the first mortgage payment at the first of the following month. If the closing is the last day of the month there is one day of pre-paid interest due. Each day earlier is one more day of pre-paid interest.
Because everyone wants to close at the end of the month, closing schedules can be fast and furious. There is often no ability to re-schedule or delay your closing, if needed, when busy attorneys and closing agents are conducting back to back closings for days at a time. The sheer volume at the end of the month can make for a poor customer experience no matter how qualified and dedicated the parties are.
The solution – schedule your closings for the first week of the month!
At Wintrust Mortgage, you can close within the first seven days of the month and receive a credit for the interest back to the first of the month. This means no pre-paid interest for your customers. Their first payment will be due on the first of the following month.
Five reasons to close your purchase loans the first week of the month:
• No pre-paid interest with an interest rate credit.
• More attention and customer service from all involved
• More time available to review documents, ask questions of the closing agent and get the job done
• You are not competing with multiple consumers who all want to close at the same time.
• Scheduling is easier, the process is easier and you will have more options.
Don’t compete with thousands of buyers and agents trying to schedule their transactions. With beginning of the month closings, you and your buyers will have the quality home closing experience that we all desire to deliver to our consumers.