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After signing loan papers, when is the first mortgage payment due? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
When you take out a mortgage, you agree to pay back the loan with monthly payments, the amount of which is detailed on your monthly mortgage statement.Your mortgage payments are generally due on the first of each month, but most lenders will give you a grace period to complete your payment before you start incurring late fees.
Your first payment wouldn’t be due until one full month has gone by. So if you closed on August 5, you wouldn’t be responsible for paying until the first day of October. If you’re shelling out a lot of money to pay for closing costs , having some extra wiggle room before it’s time to start making mortgage payments can be helpful.
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Your first mortgage payment can’t come due for at least 30 days after closing and it must be scheduled for the first of the month. If you close on either September 10 or September 20, your first payment would be due November 1 – the next available first day of the month after the 30 days have elapsed.
– SmartAsset – How the Closing Date Affects Your First Payment Generally, a homeowner’s first mortgage payment is due the first day of the month following the 30-day period after the close. If you’re buying a home and you close on August 30, for example, your first payment would be due on October 1.
When is your first mortgage payment due? mortgage payments are paid in arrears. This means that you are making payments for the past, not in advance like you do when paying rent. With a mortgage, January’s payment is due in February, February’s payment is due in March and so on. Continuing with our June example by closing at the end of the month your first payment would not be due until August.