When is my first mortgage payment due??

I have just applied for a mortgage with my partner. I was just wondering about the first mortgage payment. If we are accepted for the mortgage, when will the first payment be taken out of our bank?

12 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    Usually....

    When you close you pay the interest on the loan up to the end of the month in which you close. i.e. if you close on the 15th you pay 15days of interest to the new lender. This allows them to start the payment cycle on the 1st of the month. You pay your mortgage in arrears. i.e. when you make a mortgage payment it is truly for the past month, even though it will be refered to the month you pay it in's payment. So if you closed on the 15th of June at close you would pay the interest on the loan up to the end of June. You would then make your first payment on the 1st of August. Most loans come with a 15day grace period so it would not be late until the 15th of August.

    • Log in to reply to the answers
  • 4 years ago

    The problem you may encounter is that your sellers may have a closing deadline on their new home. If so, an offer with a delayed closing may not be acceptable to them. The first payment date scenario runs like this: let's say you close on 5/15. Per diem interest will be collected on your new loan at closing from 5/15 -5/31 and your first payment will be due on 7/1. Unless you do what is called an interest credit closing, where you close in the first week of the month and pay no per diem interest, you will always have at least a month until your first payment is due. First mortgage payments are always due on the first day of the month. Your time frame for the expiration of your lease commitment and the onset of your mortgage payments should work out fine if you make your offer in July.

    • Log in to reply to the answers
  • 1 decade ago

    Every bank is different normally they need a down payment and that is given at the time of being accepted, some banks want also the first mortgage payment, some will let you wait until the start of next month some the end of the month. Each bank is different.

    • Log in to reply to the answers
  • Anonymous
    1 decade ago

    Your mortgage payment is due the 1st of the month with a 15 day grace period.

    • Log in to reply to the answers
  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • Ginger
    Lv 6
    1 decade ago

    If you close June 15, your payment would be due on August 1. It always skips a month even on home equity loans.

    • Log in to reply to the answers
  • Anonymous
    1 decade ago

    Generally one month after the mortgage completion date

    • Log in to reply to the answers
  • Anonymous
    1 decade ago

    Depends on the terms of the contract and when it's signed.

    If you can sign just AFTER their normal billing cycle, you can skip nearly 45 days.

    I've even seen incentives that say that you can skip 3 months.

    • Log in to reply to the answers
  • 1 decade ago

    Depends on when u close, if oyu closed today, then it'll be July 1st. If you close at the end of this month, then it'll be August 1st....I suggest closing on the very last day possible in June.

    • Log in to reply to the answers
  • weezyb
    Lv 5
    1 decade ago

    it will be taken from you on the first agreed date (this means the date that your direct debit is for) from the day that you complete your house sale.

    I remember we had ours about 10 days after we moved in. so make sure you have the money.

    • Log in to reply to the answers
  • Anonymous
    1 decade ago

    It will be due the 1st of the month AFTER you close....

    • Log in to reply to the answers
Still have questions? Get answers by asking now.