Your lender is the best person to contact to determine how to best handle the lock rate. Regarding prorations, lenders are going to collect prorated interest for up to 30 days prior to your first payment being due, and property taxes are going to be prorated from the beginning of the year to the day of closing. You have to check with the state and county you are purchasing in to determine what the property tax calendar is to determine what you proration will be.
To answer your specific question, your interest proration is going to be less if you close on the 28th vs. but the credit that you receive for your tax proration will be less (you are given a credit because you are going to get the whole tax bill when it becomes due). If you wait until the 1st to close, you will have approximately 30 days interest due, and your the tax proration credit will less, so the closing on the 28th will be more favorable. It will not make a huge impact either way.
Hope this helps.
Fred Strickroot, RealtorÂ®, MBA, CDPE
Florida Lic. Real Estate Brokerage
2154 Seven Springs Blvd, Suite 103
Trinity, FL 34655
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For example: Let's say that taxes on a home you're buying are $1,200 a year. If you bought on June 30 (the middle of the year), the taxes would be prorated--you'd pay $600 and the seller would pay $600.
It's generally been considered better to close near the end of the month--you pay less interest. However, some lenders now allow you to close within the first 10 days of the month and not be hit with an entire month's interest. Check with your lender to see whether you have that option. If so, then it really won't much matter. Except that lots of settlement and title companies get really backed up with everyone wanting to close the last couple days of a month.
Hope that helps.