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Question about first mortg payment
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Question about first mortg payment
I know this has been asked and answered before,  If we close at the end of August, our first payment will be October 1st? And if we close in the beginning of september will our first payment also be october 1st? What will be the difference here?
TIA !
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Posted 8/13/08 8:03 PM  |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Question about first mortg payment
If you close the beginning of September I think your first payment would be November 1st. You pay for the entire months of September and October at closing I think.
We closed end of September and our first payment was due November 1. My sister closed the beginning of July and her first payment was due September 1st.
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| Posted 8/13/08 8:12 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Question about first mortg payment
Posted by VickiC
If you close the beginning of September I think your first payment would be November 1st. You pay for the entire months of September and October at closing I think.
We closed end of September and our first payment was due November 1. My sister closed the beginning of July and her first payment was due September 1st.
that is correct except if you close on Sept 1 some banks will make your first payment oct 1st.
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| Posted 8/13/08 8:43 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Question about first mortg payment
You are still paying every day regardless.
So if you close on September 10th, and your first payment isn't until November 1st, your closing costs will include interest for every day in between September 10th and November 1st.
So if you close on September 20th instead, your closing costs will be slightly less.
There is no "free month". 
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| Posted 8/13/08 9:40 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: Question about first mortg payment
Posted by ave1024
You are still paying every day regardless.
So if you close on September 10th, and your first payment isn't until November 1st, your closing costs will include interest for every day in between September 10th and November 1st.
So if you close on September 20th instead, your closing costs will be slightly less.
There is no "free month".
gotcha, I knew the costs were included no matter what!
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| Posted 8/13/08 9:53 PM |
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