how long after does your 1st mortgage payment comes?

if we close may 4th? when will the 1st bill come?

Re: how long after does your 1st mortgage payment comes?

probably about a monthlater. Our RE Agent told us if we close at the end of the month, we wouldn't get a bill until2 months later (for example, close on May 31 and the bill wouldn't come until July)

Re: how long after does your 1st mortgage payment comes?

We closed April 25, our first payment is due June 1.

Re: how long after does your 1st mortgage payment comes?

If you close on May 4th.... your first payment will probably be June 1st.

They will give you two pay coupon stubs at closing to send your bill in with. They may not send you a bill for the 1st... but you will most likely be responsible for the 1st's payment.

July 1st may be a possibility... but i think it will be June 1st.

Re: how long after does your 1st mortgage payment comes?

It will be due July 1st.

Re: how long after does your 1st mortgage payment comes?

I closed on 4/21 and my first payment is 6/1

Re: how long after does your 1st mortgage payment comes?

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Posted by DjPiLL

If you close on May 4th.... your first payment will probably be June 1st.

They will give you two pay coupon stubs at closing to send your bill in with. They may not send you a bill for the 1st... but you will most likely be responsible for the 1st's payment.

July 1st may be a possibility... but i think it will be June 1st.

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At her closing on May 4th, she is going to pay the per diem interest for the remaining days in May. Mortgage is paid in arrears, therefore her first payment (for the month of June) will be due on July 1.

Re: how long after does your 1st mortgage payment comes?

So I take it that means your closing costs are always higher the first few days of the month compared to the last few days?

Re: how long after does your 1st mortgage payment comes?

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Posted by DjPiLL

So I take it that means your closing costs are always higher the first few days of the month compared to the last few days?

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On per diem interest it would be, yes...

For example, in a 31-day month:

-- If you close on the 1st, you pay 30 days of interest for the remaining days of the month.

-- If you close on the 29th, you pay 2 days of interest for the remaining days of the month.

In your GFE, for the per diem interest it will (or, should) say *depends on exact closing date*.

Re: how long after does your 1st mortgage payment comes?

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Posted by ThongLori

In your GFE, for the per diem interest it will (or, should) say *depends on exact closing date*.

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I am very aware of this clause in the GFE... in fact if I remember correctly they do the GFE based on 15 days of interest (right in the middle)...

... but I always got it confused if you pay more or less at the end of the month.

Thanks for the info.

Re: how long after does your 1st mortgage payment comes?

We closed on April 9th and the mortgage was due June 1. Your first payment will probably be due July 1.

Re: how long after does your 1st mortgage payment comes?

We closed Feb 14 and our first payment wasnt due til April 1st. We were in our house a full 6 weeks before we paid the mortgage.

Re: how long after does your 1st mortgage payment comes?

Another vote for 7/1!

Re: how long after does your 1st mortgage payment comes?

THANKS GUYS!!!

just wondering..... i was hoping they will us a little time to recover from the closing!!!

ughhh...

i really can't wait till this is all over with and we are in the house!!!

Re: how long after does your 1st mortgage payment comes?

we closed 3/31 and 1st due 5/1

Re: how long after does your 1st mortgage payment comes?

we closed 9/2/04 and our 1st mortgage payment was due 11/1/04. (i think the agent told us that it was good we closed early on in the month b/c it almost gave us a full 2 months before we would have to start shelling out more cash!)