When is my first mortgage payment?
Short Answer:
It depends. For most mortgages, the first mortgage payment is due on the first of the month that's 30 days after the closing date. For example, if you close on your mortgage on May 15th, your first payment would be due on July 1st. Some second mortgages have due dates 30 days after you close on the mortgage.
Longer Answer:
One of the top questions I get as clients get closer to closing is "when is my first mortgage payment due?" The answer depends upon when you close.
Closing Date:
- Your first mortgage payment is closely tied to your closing date—the day you finalize the purchase of your home and sign all necessary documents.
Payment Schedule:
- Typically, mortgage payments are due on the first day of each month. However, your first payment won't be due immediately after closing.
First Payment Timing:
- Generally, your first mortgage payment is due on the first day of the second month following your closing date. For example, if you close on your home in January, your first payment will likely be due on March 1st.
Interest Accrual:
- From the closing date until the end of that month, interest on your mortgage begins to accrue. This interest is usually included in your first payment, which is why it might be slightly higher than subsequent payments.
Grace Period:
- Most lenders offer a grace period, typically 15 days, during which you can make your payment without incurring a late fee. However, it's always best to confirm this with your lender.
Conculusion
Understanding when your first mortgage payment is due helps you plan your finances and ensures a smooth transition into homeownership. Always review your mortgage documents and consult with your lender for specific details related to your payment schedule
If you have other mortgage questions, please reach out at teamjd@mainstreethl.com
These blogs are for informational purposes only. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Should you have any questions about the information provided, please contact me.
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