I'm buying a house and we're closing on December 7th.When would my first mortage payment be?People keep telling me different dates.Either January 1st or February 1st?I called my real estate agent ,but she's not around today.Thanks!
2006-12-02 03:51:09 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Typically it would be Feb 1st, because the money due for December will already be withheld at closing.
2006-12-02 04:12:45 · answer #1 · answered by Papa John 6 · 0⤊ 0⤋
Your first payment will be February 1st. If you were closing earlier in December, then there would be the option of doing a "short pay" where the lender gives you a credit for the days of interest, but the 7th is too late for this.
At closing, you will be paying for the interest from the 7th until the end of December. On February 1, you'll be paying some principal, and the interest for the month of January.
2006-12-02 08:24:29 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
Hello! This is what I can tell you from my experience. We closed on January 30th of this year and our first mortgage payment was due March 1st. So I believe your 1st payment would be due Feb. 1st. Hope this kinda helps~Good Luck!
2006-12-02 04:00:14 · answer #3 · answered by Vikky 3 · 0⤊ 0⤋
Mortgage payments are paid for the prior month. The one exception happens during the month of when the closing occurs, in which case you usually pay the interest for the current month (from the day of closing through the end of the month).
2006-12-02 10:13:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
As in most cases, there are varibles here. However, I would say as a rule of thumb, that the first payment would be due the begining of the first full month after the month of the closing.
2006-12-02 03:56:59 · answer #5 · answered by clyde 3 · 1⤊ 0⤋
If your Loan Officer is giving you a interest credit for the first 7 days in Dec. then you payment would be Jan.1,2007. If he's making you pay P&I for the whole month then your payment would be Feb.1, 2007. Hope the helps. Thanks if I can be of more help my e-mail is mfr354@yahoo.com
2006-12-02 04:06:01 · answer #6 · answered by mfr354 1 · 1⤊ 0⤋
Legally the resources tax is all you would possibly want to pay. that's assessed each and every year with semi-annual funds the position i'm. you'd be truly smart to pay for coverage. with out a loan it does no longer be required. in case you pick to stay there then you'd favor to pay for utilities and so on. Then there is the upkeep.
2016-11-30 01:24:55 · answer #7 · answered by barby 3 · 0⤊ 0⤋
Probably Feb 1 but what does your lender say?
2006-12-02 05:11:25 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Have you and your lender not discussed this?????
2006-12-02 04:34:49 · answer #9 · answered by Karen R 3 · 1⤊ 0⤋