When you move in, when do you pay the first mortgage payment? I heard that you 'skip' a month. Is that true?
janwinterbridejoy
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Re: First mortgage payment?
you dont skip a month it gets taken at the closing
KimberlyBride
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Re: First mortgage payment?
We closed in early January and first payment not due until end of March. Worked out well for us. A full months pay to spend at home depot...lol.
kpny622
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Re: First mortgage payment?
we closed in December and they took payment at the closing for the rest of December, and January. So our first mortgage invoice and check was for February 1.
laughinlala
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Re: First mortgage payment?
Posted by janwinterbridejoy
you dont skip a month it gets taken at the closing
Is this already included in the closing costs or do they add it on top of quoted closing costs???
kpny622
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Re: First mortgage payment?
Posted by laughinlala
Posted by janwinterbridejoy
you dont skip a month it gets taken at the closing
Is this already included in the closing costs or do they add it on top of quoted closing costs???
that depends - it may or may not be - you have to look closely at your good faith estimate and see if there's a line item for the estimated mortgage payments
Jmg11
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Re: First mortgage payment?
This is how it works. Your first payment is basically all interest....so they have to let the interest build before they can charge you for it - that is why you get a month 'off'.
I closed Feb 5 2004. So I paid the month of Feb in my closing costs - then had 'off' March then my first real payment was April 1.
