Compare Mortgage Quotes

amberd521 · Joined: 15 Sep 2009 Posts: 7 3.25 Dollars($)

Were in the process of buying a house. Weve gotten the appraisal, found our insurance company, our inspection is tomorrow... we still havent found out our actual closing date, however it should be around mid to late November. When should I expect our first payment to be due?

cthornton · Joined: 22 Oct 2009 Posts: 2 1.30 Dollars($)

If you close in the month of November your first payment will be due January 1st. You always skip a month in between when you close and the first payment is due.

jveenstra · Posted: Thu Oct 22, 2009 2:05 pm Post subject: First Payment

As noted, normally first payment is due the first of the month after the month in which you close and does not become late as far as late payments are concerned until after the 15th of that month.

The only possibility different is if you close within the first five days of a month (just in case your closing is delayed from end of November to one of first several days in December)
In that case many lenders give you a choice:
1. Paying interest at closing to the end of December and first payment would be due February 1st, or

2. Pay no interest at closing for December and first payment would be due January 1st.

This option is only offered if closing is in the first several days of a month and those number of days vary from lender to lender.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

How long after closing will my first payment be due?