Some questions about the buying process

I have a question(s) and you guys always seem to know the most just from browsing this forum.

1. Let's say I close the end of march and my first mtg pymt is due may 1, am I getting a month off in a sense where I can just save the money for April I'd pay in mtg(never mind if I pay the interest on the mortgage at closing). I mean am I able to pocket that money for April and use my first paycheck in May to pay the mortgage. It seems weird to be able to get ahead like that. What's the catch?

2. When does your first utilities bill come after you've been in the house and when do you sign up for payment plans?

Message edited 1/29/2007 7:08:54 PM.

Re: Some questions about the buying process

You're not really getting a free month, though it does feel like it in a sense. You're just paying for the month prior.

For example, I closed on my house at the end of December. At closing I payed a "prorated" amount for that month's mortgage. Now my first payment for January is due on Feb 1. It's good because it gives you some time to come up for air after shelling out closing cost $$.