lets say I sign all the papers on the lst day of March for a new home (1st time home buyer) can anybody tell me when the first mortage payment will be due, will it be the 1st day of April or 90 days later like the 1st day of May. Just trying to get some answers first. Thank you.
2007-02-20 00:21:26 · 8 answers · asked by gil3moj@yahoo.com 2 in Business & Finance ➔ Renting & Real Estate
Generally 30 days after note is signed; and the note will have specific language telling you what is due and when.
It will vary by lender and type of note.
2007-02-20 00:24:16 · answer #1 · answered by wizjp 7 · 2⤊ 0⤋
check how many days of prepaid interest you are paying. The lender can do an "interest credit" to lessen your money needed at the table, BUT, your first payment will be due April 1st. You will see around 5 days prepaid interest. If you see about 30 days of prepaid interest, there is no interest credit, you will need more money at settlement, BUT, you won't make your first mortgage payment until May 1st.
2007-02-20 03:25:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The 'normal' time is 30 days after closing, but your lender could have something different set up. My house closed on May 15th, so my first mortgage payment wasn't due until July 1st.
2007-02-20 00:30:18 · answer #3 · answered by Enchanted 7 · 0⤊ 0⤋
Your first payment will be May 1st. You will pay the bank 30 days worth of interest at closing for the month of March, Line item 901 on your settlement statement. Your May 1st payment will cover interest for April. Interest on mortgages are paid in arrears.
2007-02-20 01:40:02 · answer #4 · answered by Gary N 2 · 0⤊ 1⤋
C is the main appropriate answer yet Steve G is misguided approximately no longer being an uncomplicated activity own loan.. It that's a generic fixed value then that's a straightforward activity own loan. Plus there is not any grace era. you're charged upload'l activity popular previous your due date. that is referred to as consistent with diem. The grace era is to steer away from the overdue charge which became into set up by ability of FDIC. Plus you pay approximately 70% of the activity of the 1st 15 years and as a result you're able to pay it right down to shop on the activity.
2016-11-24 19:54:30 · answer #5 · answered by ? 4 · 0⤊ 0⤋
If your LO was slick he would push the closing date to the 15th, then your first payment wouldn't be due till May 1st!
2007-02-20 03:15:14 · answer #6 · answered by CEESONE 4 · 0⤊ 0⤋
You have to look at when the loan funds. If it funds on the 1st of March, your first payment will usually be on the 1st of May.
2007-02-20 01:12:59 · answer #7 · answered by togashiyokuni2001 6 · 0⤊ 1⤋
that depends on the lender usually 45-90 days later :)
2007-02-20 00:25:09 · answer #8 · answered by frogbfound 4 · 2⤊ 5⤋