| Posted By |
Message |
Michelle
My Little Yankee Fans
Member since 1/06 4018 total posts
Name:
|
First Mortgage payment?
If we close tomorrow, when will our first mortgage payment be? June 1st or July 1st?
|
Posted 5/18/11 3:37 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
|
Re: First Mortgage payment?
I'd be surprised if it's due June 1st.
You can get a better idea by looking at how many days interest you're being charged on your HUD1.
Have you gotten that yet?
|
| Posted 5/18/11 4:07 PM |
| |
|
ODonnell
.
Member since 9/05 5983 total posts
Name:
|
Re: First Mortgage payment?
We closed the 21st of May (2005) and our first payment was July 1.
|
| Posted 5/18/11 4:09 PM |
| |
|
Michelle
My Little Yankee Fans
Member since 1/06 4018 total posts
Name:
|
Re: First Mortgage payment?
I will look at that, we are actually refiniancing so I think when I saw the interest I was thinking that was the interest we are paying on the old mortgage not the new one, but I will look it over again.
Thanks!
|
| Posted 5/18/11 4:21 PM |
| |
|
Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
|
Re: First Mortgage payment?
July - you pay your first month's mortgage payment at closing. We closed in October. First mortage payment was due in December.
|
| Posted 5/18/11 4:35 PM |
| |
|
LAMGAJ28
.
Member since 10/05 6039 total posts
Name:
|
Re: First Mortgage payment?
It should be July. If you look at your closing papers copy, it will tell you that you may skip your June bill and that first payment should be in July. Just keep in mind your escrow account since the amount taken each month(in this case for the month of June) will not be going towards it and this can affect when they do your next escrow analysis projection, which can result in a higher mortgage payment especially if escrow account is low and taxes or homeowners insurance due soon. This is just something to think about.
ETA>> I'd still skip the June payment and make first payment in July.
Message edited 5/18/2011 4:51:23 PM.
|
| Posted 5/18/11 4:48 PM |
| |
|
bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
|
Re: First Mortgage payment?
Posted by Michelle
I will look at that, we are actually refiniancing so I think when I saw the interest I was thinking that was the interest we are paying on the old mortgage not the new one, but I will look it over again.
Thanks!
Simply because of the the details of the time frames it is possible that you pay interest to both banks.
The old bank may be owed interest from the first of the month to the closing date and the new bank from the closing date to the first due date.
|
| Posted 5/18/11 4:51 PM |
| |
|
Kmarie36
LIF Adult
Member since 9/10 1449 total posts
Name:
|
Re: First Mortgage payment?
Posted by Mill188
July - you pay your first month's mortgage payment at closing. We closed in October. First mortage payment was due in December.
That's what happened in our case also.
|
| Posted 5/18/11 8:51 PM |
| |
|
NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
|
Re: First Mortgage payment?
we closed may and our first payment was for July
|
| Posted 5/19/11 8:40 AM |
| |
|
CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
|
Re: First Mortgage payment?
Posted by NoStressBride
we closed may and our first payment was for July
Same with us.
|
| Posted 5/19/11 9:02 AM |
| |
|
05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
|
Re: First Mortgage payment?
Im pretty sure our 1st payment was at closing; which was 1/14. After that our next payment was due 3/1
|
| Posted 5/19/11 9:26 AM |
| |
|
