Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 7 · column 1 of 7 · from the scan, no model involved
Real Estate t|j>
Eileen M. Day REALTOR :r‘.‘
CLOSING DATE AND
INTEREST PAYMENT
One old wives tale has it that if you sc hedule a closing dale for late in the month, you'll pay less intesest. Not so. You pay interest starting with the settlement day and ending with the day the mortgage is paid off. In spite of a general impression to the contrary, the settlement of your home purchase can take' place at any time of the month without having any effect whatsoever on the overall amount of interest you pay.
What appears to be a "saving" is the amount of cash you pay at settlement for items that must be prepaid. An end-of the month closing requires less cash becausethe prepaid items include mortgage interest (which is due for however many days of the month re main between closing and the first of the next month) There fore, at a January 3lst settlement. you'd pay only one day s interest. At a January 15th closing, you'd pay 16 days interest. In the long run. you pay the same amount of inierest no matter when you close.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY. Realtor, The Clopton House, Washington. Va. 22747 Phone 675 ^033. We re here to help.
58.0%