First Mortgage Payment

[Anonymous]

How soon after closing do you make the first mortgage payment?

[Anonymous]

Hi Camille,

Not sure if it would be the same for all lenders, but I closed on my house Nov 16th with BofA, and my first payment was due Jan1. 

Anyone with a different lender want to share??

Diamond Dave

[Anonymous]

really just depends on how you strutire the deal. you can pay x amount of interest and first payment can be on x date. you can find a 6 month no payment promo from a builders lending arm, etc...

[Anonymous]

We close on April 15th adn our first payment will be June 1st. The way I was told at the other bank we went to was they have to give you 30 days so May 15th would have been the earliest they could ask for the first payment.

[ShanetheMortgageMan]

If you close on the loan within the first 10 days in the month, then you normally have the option to have your 1st payment due the 1st of the next month or have it due the 1st of the month following the next month.  For example if you close on the home on April 8th, you have the option to have your 1st payment due either May 1st or June 1st.  If you choose to have it due on May 1st, since interest is paid in arrears on mortgages, you will have an interest credit for the 7 days that have elapsed in April since you did not have your mortgage at that point - and you'd have a regular mortgage payment due on Mqy 1st.  If you choose to have it due on June 1st, you will be charged 23 days of interest at closing (called pre-paid interest, line 901 of the GFE/Final HUD-1) because you would not have made a May 1st payment which pays for the interest in the previous month.

[Anonymous]

That makes sense.  We are supposed to close on April 28th (crossing fingers), and our pre-paids includes 3 days worth of interest, and I was not exactly what that was.

-iwannahouse

[Anonymous]

Ha! I close on April 28th too!! (crossing fingers as well) Cant wait to kiss this apartment living goodbye!!!

[Anonymous]

Drachen-

Here here!  We've been in this apt for almost 5 years, and 3 years in one before this one!  We have a 2 year old, with another on the way... I cannot wait to have a backyard! 

And yet, I am terrified!!!! 

When do you get posession?  We are hoping for May 2nd (that is what is in our contract)!  Much to do before this baby arrives!!!

We have inspections this week, and will be faxing in the loan app tomorrow (already preapproved).  Our bid was just accepted on Wednesday morning.

-iwannahouse

[Anonymous]

Well my fiancee has a 10 year old and we have an 8 month old (all in a 2 bdr, 1005 sq ft apartment). We are moving into a 4 bdr 2280 sq ft house on a corner lot with a ridiculous front and back yard. I am not terrified at all, by my fiancee is enough for the both of us. We can move in as soon as we close because the sellers dont live there. We had inspection last week, and our app was already approved by an underwriter. We are actually in the whole hurry up and wait mode. IT SUCKS! I am bothering my mortgage broker about every other day with questions like "what do I need to be doing?", etc. Luckily we finally locked in last Thursday at 5.65% so that is no longer an issue, we are just waiting