Example
Source: https://blog.hootsuite.com
If you close on November 10 and your first mortgage payment is due after January 1, your payment will include the interest that accrued in December. But it will also include interest accrued in November, so with November 10, that is 20 days of interest, as compared to closing on November 27 for example, only 3 days of interest for November. Simple math will save you costs. Your broker won’t bother teaching you this trick. Particularly if he has a close relationship with the lender. It is a “scratch my back and I’ll scratch yours “ relationship. The more the lender makes, the more his relationship with the broker is improved. Hopefully you get a reputable and honest broker.