How quickly after a closing is your first mortgage payment due? We Close on the 24th of August.?

Question

*Please note*
This does not mean I am concerned with making the payment. If the payment is due the first day, or two months later, it doesnt matter.

Answer 1

Most likely your first payment will be due on October 1st. Now several people have said that, so that wasn't new information. The only new info I have is to why it is due on October 1st.

At closing you will pay pro-rated interest on the loan from the 24th of August to the 31st of August. Your first real month of having a mortgage will be September. Mortgage payments are paid in arrears. That means that you pay at the end of the month for that month. The payment you make on October 1st is really the payment for the month of September. That is why you won't have a mortgage payment due until October 1st.

Because the seller also pays in arrears you will see an intereste payment made the seller to their bank for the 24 days of interest, because the payment they made (presumably) on August 1st was really covering July interest.

Hope this was helpful!

Answer 2

First Mortgage Payment After Closing

Answer 3

This Site Might Help You.

RE:
How quickly after a closing is your first mortgage payment due? We Close on the 24th of August.?

Answer 4

You will actually pre-pay interest at closing so you are making a mortgage payment at closing. The mortgage company will require you to pre-pay your interest until September 30, making your first payment due on October 1. They will not even have the paperwork processed by Sept. 1 so it would be difficult for them to make the payment due that soon.

Good luck to you.

Answer 5

It should be Oct 1st. Usually, you pay interest for the month you close your loan in at the closing, it is called odd days interest, and then you skip a month and start making payments. If you close in the beginning of the month your odd days interest will be more and your closing costs will be higher. Most people like to close at the end of the month because the closing costs are lower, but if you closed in the beginning of the next month you would not have to make a payment for another month.

Answer 6

Most likely your payment will be due on October 1st.

It will state very clearly and your attorney or title company will make sure you are aware of when your mortgage is due.

Remember that not all mortgage company's mail out statements, and if you don't get one, that is NEVER an excuse not to pay your mortgage on time.

Answer 7

Your closing costs include the first mortgage payment. You will receive a mortgage book soon after so your "first" payment will be the beginning of October.

Answer 8

Your paperwork will list it for certain but could be Sept 1 or Oct 1.

If you are already concerned about the date of the first payment and being able to meet it (I hope that is NOT what you are saying) then DO NOT close on the home you can NOT afford it.

Answer 9

You usually have 30 days if not more - depends on how your lender/broker negotiated it for you. I would contact the broker that is getting you the loan and find out from them - they should have the details BEFORE you sign.
Also, be sure your rates are locked in. I've had issues where the rates suddenly increase just before I've closed. The banks/lenders/brokers can be sneaky and make you feel trapped at your closing so you'll sign just about anything.
My suggestion is get as much as you can in writing before you close.

Answer 10

Your first moprtgage payment is due 10/01/2007.