I am settling on April 1st, i was wondering if I will also have mortgage payment due that month
How soon after settlement is your first mortgage payment due.?
27
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keepyoureyeswideopen
April 27, 2010 at 9:52 am
somewhere in the range of 45 days later. If you settle in April, your first payment most likely will not be do until sometime in May.
Lisa L
April 27, 2010 at 10:45 am
With an April 1 closing you should have 2 choices. You can pay 30 days of interim interest & not have a payment due until June 1 or you can pay no interim interest & have a payment due May 1. The second choice means less money due at closing. Your loan officer should be giving you this option.
Ron Berue
April 27, 2010 at 11:23 am
Here’s the way a mortgage works:
On the day of settlement, interest is charged AND DUE from that day until the last day of that month. THEN another month is permitted to elapse.
THEN the mortgage payment is due.
Unlike rent, which is due and payable in advance, the mortgage payment is due and payable for the time the property WAS owned.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!