we close on the 9th of october when do they pull are last credit report and when do y ou think are first moragage payment would be.
2006-09-29 03:50:14 · 11 answers · asked by holly s 1 in Business & Finance ➔ Renting & Real Estate
the first payment would be due for november - probably the 1st
2006-09-29 03:53:20 · answer #1 · answered by island3girl 6 · 0⤊ 0⤋
I could be wrong but I believe the final credit report has already been pulled. It takes a month at least for most purchases to show up on your credit, so in the final review of the loan they will check to make sure you didn't go out and, after being approved for the house, run up a fortune in debt on new furniture, cars, etc.
Since you're closing in a little over a business week's time, they have most likely already pulled your credit or will do so within the next day or two.
As far as the first due date, they will probably set that the first of November.
2006-09-29 10:54:09 · answer #2 · answered by Stumpy 4 · 0⤊ 0⤋
If the loan is with underwriting, the final report should have been pulled. In regards to the payment, it depends on if they're gathering perdium interest or giving you an interest credt. If they're gathering interest for Oct. 9-31st, than your first payment is due Dec. 1 (you make house payments in the arrears.) If they're giving you an intereste credit of Oct. 1-9th, then your first payment will be due Nov. 1
2006-09-29 13:01:54 · answer #3 · answered by KL 5 · 0⤊ 0⤋
As a requirement to verify the information on your loan application the credit report has already been pulled. As to the 1st payment it is usually 30 days after closing or by agreement of the parties.
Buena Suerte
2006-09-29 11:55:35 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
it depends on your lender as to if they have pulled a final. probably have. as to the first payment, probably 12-1-06. this is because of the odd days interest are typically paid in the closing as a part or the cost.. This would make your loan start accruing interest on it's own 11-1-06 and therefore no payment till 12-1-06. The NOTE will tell you for sure. Ask your loan officer.
2006-09-29 10:58:29 · answer #5 · answered by golferwhoworks 7 · 2⤊ 0⤋
This should have been disclosed to you when your wrote the purchase agreement, by your loan officer.
Typically they pull your credit report the day before the closing, and mortgage payments aren't due to 30-45 days from closing.
However, each state handles things differently. If still not sure, I suggest you call your loan officer and ask.
2006-09-29 10:58:54 · answer #6 · answered by Alterfemego 7 · 0⤊ 1⤋
The first mortgage payment will be in December.
And they'll probably pull your report right before the date of closing or even on the date of closing....so don't do anything that could altar anything until after your close....and have signed paperwork!
2006-09-29 14:27:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If you are thinking of making any big purchases on a credit card or applying for more credit.....please don't do it. The guy who bought my house did that before closing and ended delaying the process. Pulled all my hair out.
2006-09-29 10:57:06 · answer #8 · answered by Shyguy 3 · 1⤊ 0⤋
I think the last credit pull (if one is done) depends upon the lender.
If your mortgage is paid in arrears (like most are in the U.S.), your first payment will be December 1 2006.
Michael Casey CPA
Business Consultant
608-271-0068
2006-09-29 11:23:19 · answer #9 · answered by michael c 3 · 1⤊ 0⤋
Dec. 1st, and unless something changed or you applied over 90 days ago they should not pull another credit report.
Enjoy your new home!
2006-09-30 00:23:15 · answer #10 · answered by David F 1 · 0⤊ 0⤋