If we close escrow on our new home on June26th when is our 1st mortgage payment due?
rhlkale asked: I want to know for my budget.
Samuel
Tags: 1st Mortgage, Escrow, Mortgage Payment
This entry was posted
on Wednesday, May 20th, 2009 at 6:09 am and is filed under Mortgage.
You can follow any responses to this entry through the RSS 2.0 feed.
Both comments and pings are currently closed.
May 22nd, 2009 at 7:22 pm
Javier
What does your Purchase Contract/Closing Docs. state about the first mortgage payment due date? You can always ask Escrow Closer about the first payment and due date or check with the Lender who approved the Mortgage.
May 24th, 2009 at 10:50 pm
Lonnie
Ask the lender.
May 25th, 2009 at 2:45 pm
Miguel
Your first payment won’t be due until August. What the exact date is will be determined by the lender.
May 28th, 2009 at 3:41 pm
Neil
You’ll be paying interest from June 26th - June 30th. You won’t ordinarily have a payment due in July. First payment, usually is the first of next month, (Aug) with a grace period likely for 10 days or so.
May 30th, 2009 at 6:16 am
Jessie
You will pay the interest on your mortgage for June 26th through June 30th at the closing.
Mortgage payments are made in arrears, meaning for the previous month (this is the opposite of rent, which is paid in advance). Your August 1st mortgage payment pays for the month of July. So, I’d expect my first payment to be due on August 1st.
That said, they’ll tell you at closing.
good luck!