WHY SHOULD I ASK TO CLOSE MY ESCROW
TOWARD THE END OF THE MONTH?

Your "out of pocket" cash is less to close near the end of the month - in Riverside or San Bernardino Counties or anywhere in the US for that matter.

As explained below, there is no free lunch here: the benefits of a late-in-the-month closing are only short-term.

Closing costs consist of all pertinent fees, prorations and charges necessary to effect a recording in your name.

Interest on your mortgage begins running from the date your transaction closes, but most loans are due on the first day of the month. You prepay interest between the closing date and the end of the month, i.e. if you close on the 29th of January, you prepay 2 day's (1.29-1.31) of January's interest.

Your first payment will be due March 1, when you will actually be paying February's interest = approximately 1 month + a couple of days.

OR, if you close on the 3th of February (5 days later) you prepay 25 days of February's interest and your first payment due-date will be April 1 = approximately 2 months.

As explained below, there is no free lunch here: the benefits of a late-in-the-month closing are only short-term.

Closing your escrow late in January, your first payment due-date will be March 1.

Closing your escrow early in the following month, your first payment is not due until April 1.

If you are renting, it might be wise to consult your landlord/manager to determine if it is equally as advantageous; it should be.