When is my first mortgage payment due?

Hi,

I am completing the purchase of my property on the 12th of Feb. Can anyone advise me as to when my first mortgage payment be due? Will it only be for the 16 remaining days of Feb or also the full payment for the month of March in advance (i.e. higher than the calculated regular monthly payment)

Payment date is 1st of every month and the Lender is Halifax.

Thanks,

7 Answers

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  • 10 years ago
    Best answer

    Best thing is to ask your lender.You usually do not pay in advance though

  • Pamela
    Lv 4
    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.

  • parton
    Lv 4
    3 years ago

    Halifax Mortgage Payment

  • 4 years ago

    This Site Might Help You.

    RE:

    When is my first mortgage payment due?

    Hi,

    I am completing the purchase of my property on the 12th of Feb. Can anyone advise me as to when my first mortgage payment be due? Will it only be for the 16 remaining days of Feb or also the full payment for the month of March in advance (i.e. higher than the calculated regular monthly...

    Source(s): mortgage payment due: https://biturl.im/wFXis
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  • TK
    Lv 7
    10 years ago

    They will collect interest only from you at the closing to pay for the interest on the loan for the 16 remaining days of February. Then your first full payment of interest and principal will occur on April 1st, since you normally pay interest in arrears.

    You can verify this directly with Halifax or the attorney who represents you in this transaction.

    Good luck with everything.

  • Anonymous
    10 years ago

    Normally, it will be April 1. It is listed on your packet of closing papers.

    Source(s): ..
  • 10 years ago

    As your lender, or it should be in your documents.

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