Hi Quong2The others gave you a general rule. Here is how it works. You actually have a choice. If your closing happens on the 1st of the month through the 5th of the month than you can have your first payment due on the 1st of the next month or the month after. Yes, it is your choice. You see, when you make that 1st mortgage payment and all future payments on say the first of the month, that payment you just made covers the last months bill. Mortgages, unlike cable bills are paid in areas. So if you closed your loan on the 3 rd of July your first payment could be the first of August or the first of September. Traditionally, people want to put out their payments as long as they can and so most people would chose the 1st of September as a due date. There are two benefits to having the payment in the earlier month rather than the later. 1. Your closing costs would be lower because you would receive a credit for pre-paid interest rather than a charge.2. You make a payment quicker on your mortgage so it amortizes quicker. This will save you interest over the life of your loan. However, even with these two benefits almost everyone opts for the later payment because the benefit of having that month off of making a mortgage payment usually is more beneficial to a persons immediate finances than the longer term benefits of an earlier payoff and slightly reduced interest.Wishing you the best,Don LaPlume
Your first mortgage payment is due on the second calender month after you close. A quick and easy example:Close on Feb 1-28 = your first mortgage payment will be April.Hope this was helpful!Peter Botros NMLS# 639447Omega Financial Services
Take your closing date, add 30 days.. if that date falls on the first, then that's your first payment date.. if it does not, then go to the first of the following month.. That's your first payment date. Example: if you close on the 4th of June, you won't have a payment due until August 1st. If you close on May 30th, your first payment would be July 1st... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Your lender will inform your, but generally it is the first day of the month 2 months after the month you close. If you close escrow in January, your first payment is usually due March 1st. There are exceptions, so check with your lender. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950
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