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| *Ostroff, Fair and Company>>>Renting & Real Estate |
When do I pay the mortgage? |
I am closing on my house on the 26th, and part of the closing costs I'm paying is interim interest to the bank for july 26- 31st. Do I owe a mortgage payment on Aug 1st? who do i even call about this? I need to know how much money I can spend on furnishings, and I don't want to miss my first payment. Mortgage interest is always paid after it has accured which means since you will pay the interet to the first of August at closing your first payment will not be due until September 1st. At that tim eyou will be paying the August interest and the September principal installment. Source(s): 20+ years as a direct mortgage lender Your first payment should be due then on September 1st. First payment due is September 1st. You will receive a coupon at closing to make the September payment just in case you don't receive one in the mail. It takes the lender some time to get their automated systems rolling. So the point is that if you don't get a payment coupon in the mail, you will use the back-up coupon you received at closing. Mortgage Broker, http://losethearm.com You're going to want to get in touch with your lender. They will be able to tell you exactly when your 1st payment is due. Most likely if you are closing in July your first payment won't be due until Sept. (you often get to skip a month). Again, your lender should be able to answer all of your questions. When you go to close, your best move is to have them automatically take the mortgage out of your checking every month. No worries about when the mortgage will come every month. No worries about missing the bill and having a late charge assessed. When you sign loan documents tell them you want automatic withdrawl of you house payment. They will most likely have the forms in the loan packet and you can sign them then. Hope this helps. Terry S. http://www.Welcome2Arizona.com |
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