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Unread 12-09-2007, 02:42 PM
 
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Default Mortgage Payment
When is the first Mortgage Payment due when you move into a new home?
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Unread 12-09-2007, 03:20 PM
 
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Depends on the mortgage company, but normally it's around 45-60 days. We closed on September 5th, and our first payment wasn't due until November 1st.
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Unread 12-09-2007, 04:57 PM
 
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I closed om July 27th and my first payment was September 1st so only one month really.
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Unread 12-09-2007, 05:32 PM
 
Location: Marietta, GA
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Mortgages are paid in arrears, meaning that you are paying for the previous month. When you close on your house they take money at the closing to pay for the month that you are in (If you closed on Nov 29th they would collect one day's mtge pymt for the bal of Nov, but if you closed on Dec 5 they will collect 26 days for the balance of Dec) Your first payment is due on the first of the month following the first full month that you own the house (Jan if you closed in Nov, Feb if you closed in Dec.)
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