If closing actually happens on June 1st, when is 1st mortgage pymnt due?
July 1st? TIA.
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If closing actually happens on June 1st, when is 1st mortgage pymnt due?
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Re: If closing actually happens on June 1st, when is 1st mortgage pymnt due?
I dont know if this is correct but I just read somewhere that the 1st payment is usually due 6-8 weeks after closing!
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Re: If closing actually happens on June 1st, when is 1st mortgage pymnt due?
I am not sure, but I have heard that if you close after the 15th of the month, then you skip a month before your first mortgage payment. I am closing on 4/22 and I received a letter from my lender saying my first payment was due 7/1. That skips 2 months!! I will know more once we actually close.
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Re: If closing actually happens on June 1st, when is 1st mortgage pymnt due?
You should try to schedule your closing as close to the end of the month as possible....you have to pay interest or something for each day until the end of the month. So...if you can make it for June 30 instead of July 1, it saves you a little $$$. I can't remember the exact details...but ask your mortgage broker!
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Re: If closing actually happens on June 1st, when is 1st mortgage pymnt due?
We closed June 30 and our first mortgage payment was due August 1.
I think they always skip a month...well actually its not that they skip a month...the first month of mortgage is included in your fees when you close....if you close June 1 you will have to pay June mortgage and july mortgage on closing day....thats why people usually stay away from closing in the earlier part of the month.
I think they always skip a month...well actually its not that they skip a month...the first month of mortgage is included in your fees when you close....if you close June 1 you will have to pay June mortgage and july mortgage on closing day....thats why people usually stay away from closing in the earlier part of the month.
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Re: If closing actually happens on June 1st, when is 1st mortgage pymnt due?
We closed on Feb. 2nd and our first payment was yesterday 04/01. I believeyou pay one months mortgage and then you pay the interest for the whole month of June in your case and your first payment would be August 1st. I would call your mortgage company and just double check
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Re: If closing actually happens on June 1st, when is 1st mortgage pymnt due?
August. Mortgage payments are always paid in arrears. So when you pay in August you're actually paying for July.
And I ditto the suggestion of closing towards the end of the month. Less of a closing cost for interest paid upfront.
And I ditto the suggestion of closing towards the end of the month. Less of a closing cost for interest paid upfront.
