2007-03-25 03:37:46 · 5 answers · asked by tippytoesshoes 1 in Business & Finance ➔ Renting & Real Estate
You do not get any "grace".
Unlike rent, which is paid in "advance" (Rent for the month of April is due April 1st), Mortgage payments are made in "arrears" or at the end of the month (Mortgage payment for the month of April is due May 1st).
So in the case of a mortgage that closes on May 23, at the time of the closing, you bank will collect the interest on the remaining 8 days in advance (prepaid interest) so that leaves the month of June....for which your payment is due at the end, thus July 1.
I hope this helps.
2007-03-25 04:04:57 · answer #1 · answered by myfinancialmentor.com 2 · 1⤊ 0⤋
The closing date has nothing to do with the first payment. It is normally doe about one month after closing but can be changed any way that you want. You have to tell them far enough in advance so it can be included. You really don't get a free month. You pay the interest in advance as part of the closing.
2007-03-25 04:27:03 · answer #2 · answered by ttpawpaw 7 · 1⤊ 0⤋
Ask Suntrust. My best guess would be the first part of July. Sometimes you can select a day of the month that works the best for you.
2007-03-25 04:11:44 · answer #3 · answered by carboe 1 · 0⤊ 0⤋
You usually get a month's grace, so it will most likely be July 1st.
2007-03-25 03:45:53 · answer #4 · answered by TheOnlyBeldin 7 · 0⤊ 0⤋
You can set this up how you like, but it will amost always be July 1.
2007-03-25 03:42:16 · answer #5 · answered by Nelson_DeVon 7 · 0⤊ 0⤋