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05-29-2008, 02:07 PM
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Location: West Babylon, NY
22 posts, read 172,836 times
Reputation: 24
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If I close the first week of June when will my first mortgage payment be? Thanks in advance  |
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05-29-2008, 02:25 PM
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Location: Looking East and hoping!
28,227 posts, read 19,210,597 times
Reputation: 2000000848
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First full PITI payment will be in August. You will prepay June's interest from date of close to end of month at closing.
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05-29-2008, 02:35 PM
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Location: Charlotte, North Carolina
5,137 posts, read 15,094,482 times
Reputation: 1007
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Some lenders can work it out for you to pay it in July IF you're closing in the first few days of June
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05-29-2008, 03:09 PM
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Location: West Babylon, NY
22 posts, read 172,836 times
Reputation: 24
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Thanks for the quick responses! We are signing the commitment papers today!! and they are putting a rush on the title so we could close as early as next week but I think it will most likely be in about two weeks! Just wanted to be prepared for the first payment date I'm very excited we are first time home buyers! |
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05-29-2008, 03:15 PM
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Location: Kansas City, MO
5,758 posts, read 9,486,551 times
Reputation: 2791
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It depends on how your loan office structured your loan. It could be July 1st but that is rare anyone would set it up that way.
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05-29-2008, 06:25 PM
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76 posts, read 333,183 times
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I'm closing on the 27th of June....
When is my mortgage due. Isn't it still August.
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05-29-2008, 08:56 PM
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Location: Charlotte, North Carolina
5,137 posts, read 15,094,482 times
Reputation: 1007
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yes it is.
the previous poster is speaking about closing the first few days of the month
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05-31-2008, 07:05 AM
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Location: Ct
113 posts, read 388,533 times
Reputation: 79
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Quote:
Originally Posted by LaceyEx
First full PITI payment will be in August. You will prepay June's interest from date of close to end of month at closing.
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You have to pay prepaid interest at closing and it is calculated by the days left in the month. Closing at the end of the month allows you to bring less to closing.
That being said your first "payment" really begins when you close because you have to pay the full month of pre-paid interest. |
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05-31-2008, 03:44 PM
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392 posts, read 1,400,459 times
Reputation: 134
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Whatever month you close, you pay the interest for that month on closing day (the earlier in the month, the more you'll owe). You have no payment due the next month. The loan start the month after. I.e, closing in June, first payment is August.
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08-11-2008, 02:08 AM
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Location: northern california
380 posts, read 2,114,906 times
Reputation: 147
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Quote:
Originally Posted by NJ987654
Whatever month you close, you pay the interest for that month on closing day (the earlier in the month, the more you'll owe). You have no payment due the next month. The loan start the month after. I.e, closing in June, first payment is August.
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Why do lenders do this? Are we getting a month free (well, I realize not free since interest is accumulating)? We're closing Aug 12, pre-paying interest Aug 12-Sept 1, but first payment's due Oct 1.
Why don't they make us pay Sept 1? Just wondering -- thanks! |
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