Mortgage question

[jhayx7]

When can I expect to make my first mortgage payment after closing?

 

[nakedfrog]

45 days, I think? I'd expect your loan officer to give you that sort of information...

 

[DougK62]

When they tell you to.

 

[giantpinkbunnyhead]

Usually it's between 1 and 2 months after closing. My last house closed June 22nd and first payment was due Aug 1st, for example. That time inbetween that isn't covered by the first payment will be paid for with the prepaids at closing.

 

[acemcmac]

You should have gotten an amortization schedule with your closing paperwork.....

 

[jhayx7]

Originally posted by: acemcmac
You should have gotten an amortization schedule with your closing paperwork.....

Thanks guys! I have not closed yet, will probably close the first week of Nov but was just wondering when my first payment would be. Thanks again!

 

[Trey22]

Don't pay until they come to forcefully evacuate you.

 

[acemcmac]

Originally posted by: jhayx7

Originally posted by: acemcmac
You should have gotten an amortization schedule with your closing paperwork.....

Thanks guys! I have not closed yet, will probably close the first week of Nov but was just wondering when my first payment would be. Thanks again!

No problem. Congrats btw :beer: :beer: :beer: :beer: :beer: :beer:

My first payment was due 60 days from closing.

 

[killface]

You may want to clear this up with your processor/ closing agent before you go to closing. The company I worked for seemed to do it differently every time. Sometimes people would show up at closing, not knowing they needed to bring a check with them, then have to delay closing a week or so until they got a certified check and whatnot. They were never happy about that.
*Most* of the time though, we didn't take first payment until the loan was set un in our Fidelity (computer) system, which was usually a month or so after closing.

 

[regpfj]

jhayx7 should have received a couple of disclosures within three days of loan application - a Good Faith Estimate and an Estimated Truth in Lending. The eTIL should have a payment schedule towards the top that'll say when your first payment is due - if the loan type of loan, closing date and all that stayed the same since the lender provided the estimate.

24 hours before closing, your lender is required to provide you with a final version of the HUD-1 Settlement statement. That statement should document where all the money in your loan transaction is going and what it's for. In the 900 section on the second page titled "items required by lender to be paid in advance," there probably will be an entry for interest on the loan amount from the day they fund it until the first payment period begins. Your first payment will probably be the first day of the next month after that.

 

[Vic]

Typically, it is on the 1st day of the month 30 or more days after closing. For example, if you were to close this week, within the month of September, your first payment would be November 1st. If you were to close next week, your first payment would be December 1st.
Any length of time from closing to the first payment date longer than a calendar month will be collected as interim interest at closing. This should have been disclosed to you, based off the projected closing date (aka "drop dead" date) on your purchase agreement, as it effects how much you might have to bring into closing.

Do not miss your first payment!! That results in automatic default and foreclosure.