One thing to consider is that the date you close on your house really does matter!! If you schedule your closing on the 6th of the month or after that up until the 30th you will actually skip a house payment for a month. For example, If I buy a house and set the closing for August 7, 2012, I can give 60 days notice to my apartment complex and I will actually take possession of my house on August 7, 2012, however my first house payment would not actually be due until October 1st. You actually get a month and a half free, depending on when you close. That way if you do have to pay a small penalty, you don't have to pay a mortgage on top of that. Gives you some breathing room. Hope that helps!