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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Probably a stupid question about mortgages
how soon after the closing do you being paying the mortgage?
is the first month's payment included in the closing costs?
tia
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Posted 7/24/08 4:42 PM  |
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Prudential Douglas Elliman Real Estate
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: Probably a stupid question about mortgages
We closed July 12, 2007 and our first payment was due Sept. 1st, 2007. It does depend on the day of the month you close. I don't know how to explain it because I remember it was confusing. All I cared about was that we didn't have to make that first payment until Sept. 1st. 
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| Posted 7/24/08 4:45 PM |
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Re: Probably a stupid question about mortgages
Same here, we closed on July 11 and our first paymbent is August 30.
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| Posted 7/24/08 5:04 PM |
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SuzyQ
Mama to 3!?!?!?
Member since 7/06 8069 total posts
Name:
Susan
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Re: Probably a stupid question about mortgages
We're closing tomorrow. Our first payment is due 9/1.
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| Posted 7/24/08 5:13 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Probably a stupid question about mortgages
We closed May 8th and the first payment was July 1st.
I think how it worked was...
We closed May 8th.
Had to pay May 9th - 31st interest on closing day.
First mortgage payment on July 1st includes the interest for the month of June.
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| Posted 7/24/08 5:15 PM |
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MeeshMosh
last month on leave!
Member since 6/08 4551 total posts
Name:
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Re: Probably a stupid question about mortgages
we closed june 6th & our first payment is due july 29th
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| Posted 7/24/08 7:50 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Probably a stupid question about mortgages
2 months. We closed March 2 and our first payment was due May 1st.
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| Posted 7/24/08 8:48 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Probably a stupid question about mortgages
We closed July 3rd and our first mortgage payment is September 1 (but we have until the 15th of the month to pay).
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| Posted 7/24/08 8:52 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Probably a stupid question about mortgages
When you pay your mortgage you are always paying interest for the month before the payment.
At closing you will be making your interest payment for the month that you are closing in. If you close on the 1st you will pay a month's worth of interest if you close on the 30th you pay 1 or 2 days of interest.
Ex. If you close in July (any day of the month) your first payment will be Sept 1. Some banks if you close on the first of the month will not charge you any days interest and your first payment would be Aug 1.
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| Posted 7/24/08 9:51 PM |
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