Mortgage Loans

[matt6781]

Well after a long first 7 months of the year, my wife and I are closing on are very first home this coming week. And surprisingly enough it's thru quickens loans. Although I've read a lot of negative threads here and else where on the web, I have to say things have gone quite smoothly with quicken. The only real bump in the road was a seasoning issue that sellers realtor wasn't aware of when dealing with FHA financing. But that's just me rambling on, let me get to my intended question. I was wondering if quicken or any mortgage company have ever given any sort of grace period before the first mortgage payment is made? We don't really need it , but it would be nice to have a month or two off from that payment if possible. Any input would be appreciated tks

[matt6781]

So I think I may have found an answer to my own question. From what I've read your first full interest and principal payment on your mortgage is due the first say of the second month after closing. We're set to close August 2nd, so in theory are first full mortgage payment would be October 1, 2012? Is this correct? Tks ahead of time for any responses

[vegas757]

That's what my mortgage banker and a few lenders told me what typically happens, unless you're told otherwise.

[Booner72]

We closed August 19 and our first pmt was due 10/01. The rest is part of your "prepaids" at closing.

[ccubedzx3]

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matt6781 wrote:
Well after a long first 7 months of the year, my wife and I are closing on are very first home this coming week. And surprisingly enough it's thru quickens loans. Although I've read a lot of negative threads here and else where on the web, I have to say things have gone quite smoothly with quicken. The only real bump in the road was a seasoning issue that sellers realtor wasn't aware of when dealing with FHA financing. But that's just me rambling on, let me get to my intended question. I was wondering if quicken or any mortgage company have ever given any sort of grace period before the first mortgage payment is made? We don't really need it , but it would be nice to have a month or two off from that payment if possible. Any input would be appreciated tks

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My wife and I got preapproved through Quicken about a week and a half ago.  I think they have been extremely nice and helpful as well.

Could you give me any information as what is required to close?

• How many W2 tax statements did they want to see?
• Paystubs?
• How far back do they want to see of Checking/Savings Accounts
• How much do they want to see in reserves?
• Did you get any lender credits? Could you apply them to closing?
• Anything else you can add that would be helpful?

Thanks in advance for your info and insight!

[Catacam]

It really depends on when you close. I believe if you close before the 5th of the month, your payment is due the following month, but your closing paperwork and LO/Broker will know.

[matt6781]

@ccube
They wanted to see 2 years worth of w2's atleast 3 months history in banks accounts, also a few explanation letters for all credit applied for In the last year and if you were given or denies credit for those instances. You'll also pay a upfront deposit to cover any cost incurred by quicken before closing. IE appraisel for the home you eventually have under contract. Lenders credits are a case by case basis, that will have a lot to do with the loan program u go with. hope that helps a little bit. Above all just be patient it will always seem slower then u think it should be going.

[ccubedzx3]

Thanks Matt,

   We are doing new construction and our home will not be complete until at least April of next year.  I just want to make sure I have my ducks in a row before closign so there are no surprises!! I appreciate your help!