When Is First Mortgage Payment Due After Closing
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Generally, a homeowner’s first mortgage payment is due the first day of the month following the 30-day period after the close. If you’re buying a home and you close on August 30, for example, your first payment would be due on October 1.
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Generally, your first mortgage payment is due on the 1st day of the 2nd month following your closing date. For example, if you close in February, your first mortgage payment will be due on Aproil 1st. Generally speaking of course.
When you close on a new house, you may wonder when you’re supposed to make the first payment. The mortgage company should give you this information at closing, but generally you’ll skip one month before your first payment is due. It should be due the first day of the month and you’ll have 15 days.
New homeowners often wonder when mortgage payments start, as there’s sometimes a considerable gap between closing and the due date of the first monthly payment.. For example, you may have been told by your real estate agent or mortgage broker that payments won’t start for 45 days or longer and express some optimism as a. There is no set.
If you close on 3/31/09 your first payment would be due 5/1/09. We have to give at least 25 days after closing. If you close on 4/5/09 payment could be due on 5/1/09 but if you close on 4/6/09 it would be 6/1/09 but you would pay daily interest on the loan at closing from the 6th through the 30th in that case.
· Your first mortgage payment may not be due for several weeks, depending on the date you move in and your regular repayment date, but you still have to pay interest from the date funds are released. In your case, your first payment wasn’t due until a month after you had completed,