· As far as your payment goes, make sure that the Note specifies the first payment as Feb 1st 2009. If you fund Monday, you will owe interest from Monday until 1-1-09. That would make your first payment due feb 1 as with a mortgage you pay in arrears. So a full months payment..which you said the seller is paying for your closing costs.
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· (Most mortgage payments are due the first day of the month but policies can vary, says Guy Cecala, chief executive and publisher of Inside Mortgage Finance.) Typically, there’s a 15-day grace period, in which case you would have 14 days after your payment is due to pay your bill without incurring a.
Most people probably know that mortgage payments are due on the 1st of the month, but many loan servicers (those who collect your payments) will allow you to pay 15 days "late" each month. So even though your mortgage payments are technically due on the first each month, you can pay as late as the 15th every month without any kind of penalty.
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"Typically, your first mortgage payment is due on the first of the following month after 30 days have passed," he says. "Say, for example, your mortgage closes on June 22. Then your first.
· The first mortgage payment is made on the closing date, in addition to all of the closing costs and legal fees and the down payment. The next payment is due starting from the closing date on the next payment period (that means in one month if the mortgage is.
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Your first payment wouldn’t be due until one full month has gone by. So if you closed on August 5, you wouldn’t be responsible for paying until the first day of October. If you’re shelling out a lot of money to pay for closing costs , having some extra wiggle room before it’s time to start making mortgage payments can be helpful.
If you close at the end of the month, for example, March 30, your first mortgage payment will be due on May 1. If you push that mortgage payment back a few days until April 2, your first mortgage payment will not be due until June 1, almost two full months from your closing.