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Old 11-25-2012, 06:15 PM
 
63 posts, read 222,696 times
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Our mortgage is technically due on the 1st of the month. We usually pay it between the 5-10th (there are no penalties unless you pay after the 15th of the month). Thanks
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Old 11-25-2012, 06:25 PM
 
Location: Long Island
9,933 posts, read 23,150,229 times
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Quote:
Originally Posted by Fmwjuly View Post
Our mortgage is technically due on the 1st of the month. We usually pay it between the 5-10th (there are no penalties unless you pay after the 15th of the month). Thanks
Except for the first month after you close (when you've paid interest in advance at closing) your payment is for the previous month's interest. Whatever monies are due you will be credited at closing; you don't have to worry about "overpaying". If the lender is still owed $$$, it'll be deducted from your proceeds of the sale.
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Old 11-25-2012, 07:23 PM
 
Location: Lake Grove
2,752 posts, read 2,760,027 times
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If you still aren't sure about it, ask your lawyer. Hopefully, you selected a lawyer experienced in real estate transactions, which will make things a lot smoother. And they will know the answer to most of your questions right off the top of their heads.
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Old 11-25-2012, 07:31 PM
 
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No need to pay unless you're closing after the 15th to avoid a late fee. As part of the closing your attorney will have the current payoff amount. You should also confirm with your attorney, that's what you're paying them for.

Good luck with the closing
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Old 11-26-2012, 11:19 AM
 
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You should be getting a payoff statement from your mortgage lender that tells exactly what you will owe based on a certain closing date.
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Old 11-28-2012, 12:37 PM
 
Location: East Northport
3,351 posts, read 9,759,118 times
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Don't worry about paying it. They will make an adjustment for it at closing.
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