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Mortgage Payment

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Anonymous
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Mortgage Payment

If you close on May26th, when do one has to make the first mortgage payment? June or July?

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Mortgage Payment

July 1 usually.
Message 2 of 6
Anonymous
Not applicable

Re: Mortgage Payment

THANK YOU.. I was wondering the same thing.. Sucks becuase I don't have a break of not paying anyone. I havent let my landlord know I am leaving yet. I wanted to wait until I have keys in hand to give my 30 days notice. ETC May 24th.
Message 3 of 6
Anonymous
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Re: Mortgage Payment

That sucks, I had the same problem. I had to cancel moving out a couple times due to a delayed closing, and as a result my landlord enforced the long notice period dictated by state law - I paid through the first month I also paid my first mortgage payment. 

 

Most state laws require that a landlord refund you prorated rent if the home is occupied before the end of your paid tenancy. I.E. you move in August and have to pay through October, and someone else moved in September 1, state law may disctate the landlord would be required to refund you September and October rent. While you can be forced to cover vacancies as described in your lease, the landlord also can't 'double-dip'.

Message 4 of 6
VALoanMaster
Valued Contributor

Re: Mortgage Payment


@Anonymous wrote:
THANK YOU.. I was wondering the same thing.. Sucks becuase I don't have a break of not paying anyone. I havent let my landlord know I am leaving yet. I wanted to wait until I have keys in hand to give my 30 days notice. ETC May 24th.

Hi Johnsocma,

 

You can roll an extra 30 days of interest into your closing costs & skip an extra month. So if you're closing May 24th your first payment would be due August 1st.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 5 of 6
Anonymous
Not applicable

Re: Mortgage Payment

OH really? Now that is some awesome news. I will have to reach out to my Broker and see about getting that done
Message 6 of 6
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