me and my fiance are loking to buy a house and found one we like but we didnt really want to buy one this soon since we wont be living in it until october and we want to save some money until then. My realtor said he can make the closing May 30th but is there any way that you can get the first mortgage payment pushed back?
2007-03-09 08:44:19 · 5 answers · asked by Andrew K 2 in Business & Finance ➔ Renting & Real Estate
your first mortgage paymentwill be due on the first day of the month that is 30+ days after you close. for example, i closed on july 27, my first payment was due on sept 1. my mom closed on june4, her first payment was due on august 1. if you close in the very fist days of the month, you will go almost two months with no payment. if you close on may 30, your first payment will be due on july1 (30 days payment free)...no good. instead push closing forward only a few days. say if you closed on june 3, first payment due on aug 1 (57 days payment free).
2007-03-09 08:55:06 · answer #1 · answered by Anonymous · 2⤊ 0⤋
First Mortgage Payment
2016-09-28 05:56:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I dont think you can postpone the mortgage payment. However as a condition of sale, you can request any close date that you like. depending on the market you are in, the length of time the house has been on the market etc you can negotiate the close date, just like anything else in the offer. Your realtor probably wont want to offer that close, because they get paid their commission when the house closes, in most cases.
2007-03-09 08:54:18 · answer #3 · answered by rcm1454 2 · 0⤊ 0⤋
Not normally can you close escrow on a property and postpone payments. If you were to close on May 30, your first payment would be due on July 1 typically.
You could contact the mortgage company who would give you the loan and see what options you have, but it isn't typical.
2007-03-09 08:52:38 · answer #4 · answered by Jen 5 · 0⤊ 0⤋
No you can not!
If you are closin gon May 30, your first payment will be on July 1. There is no exception. You may rent the property for short term lease. Or else you are stuck with your mortgage payment.
2007-03-09 09:51:59 · answer #5 · answered by Victoria78 2 · 0⤊ 0⤋
If you close 2 days later on June 1st, your first mtg payment won't be due until Aug 1st. Does that help?
2007-03-09 08:58:50 · answer #6 · answered by freddybmann 1 · 0⤊ 0⤋
I don't think so. When we bought our first house we had the same issue. The seller held the house for us until we were ready to move in and close. (I was pregnant at the time and did not want to move in or close right on my due date)
I think we were lucky though.
2007-03-09 08:49:42 · answer #7 · answered by Lisa S 3 · 0⤊ 0⤋
You may ask the sellers if you can rent until you can actually buy. They may want to get rid of it and if this is a way to do it they may consider it.
2007-03-09 08:53:26 · answer #8 · answered by shorty 6 · 0⤊ 0⤋