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dmastre411 | When is our first mortgage payment due? |
We are moving in around february 7. Are we going to pay the month of march or april. |
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TMLeaf Fan
 |
Usually 1 month after you move it. It'll state when payments are due on your mortgage papers. |
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amolheda
 |
Hello,
Each State / bank may have different rules. But I am listing the convention on how the payment is decided and calculated. So you will have to check with your title / escrow company (Where you sign your papers for closing on the property).
Mortgage interest and beginning of the first repayment will be decided based on the following broad method.
In case the property funds after the 5th of Jan, interest for the current month is charged in the closing statement and your first installment will become due on the 1st of March. (Remember you pay rent before you use the property and you pay mortgage interest after you have used the property).
In case the property funds after 5th of Jan no interest is added to your closing statement and your first repayment is due on the 1st of Feb.
Also remember that a mortgage payment is due on the 1st. But delinquent only after the 15th. So you get 15 days to use your money before you pay it.
Good luck with your home.
Disclosure: I am a Licensed Realtor with Century 21 El Camino in Sunnyvale, California. |
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BoomChikkaBoom
 |
If you are closing on February 7th, at the closing you will pre-pay the interest from February 7th to February 28th on a per diem basis. You will not pay any principal at this time (assuming you don't have an interest only mortgage).
There are 360 days in a banking year, as opposed to 365 in an actual year, so your February per diem will be calculated as if February has 30 days.
On April 1st, your principal and interest for the month of March will be due.
On May 1st, your principal and interest for the month of April will be due.
I have been doing closings for a very long time (I have literally done thousands of them), and I have never ever heard of someone not paying per diem if they close after January 5th (or after the 5th of any month for that matter) as the other poster suggested.
She is correct in that you have until the 15th before your payment is considered late. It's due on the 1st but not late until the 15th. |
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CJKatl
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Amolheda is correct, but let me suggest if you are worried, call your loan originator or lender. |
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Michael S
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Last Thursday, man your in trouble now!!!!
They will send you a schedual, March 1st most likely. |
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nickfromct
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If you close on the 7th, you're first payment with be April 1st. Mortgage interest is collected in arrears and interest for the period 2/7-2/28 will be collected at the closing. Then March's interest will be collected in the April payment. |
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tommybear45
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pay double in march...........stay ahead |
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norwooddrafting
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Typically one month after you close on the property. Once you sign all the papers your payment will be on the first of the month within 30 to 45 days.
So if you close on December 15th your payment will be likely for Feb 1st. If you close on january 1st it will be feb 1st. Your bank has to have at least 30 days to process the paperwork, but the payment will be on the first. |
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sophieb
 |
Usually the first mortgage payment (or any payment on any loan) usually comes super quick, that's why you're told ahead to always ask for more money (a higher amount for the loan) than you really need. |
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