If the first payment included in closing cost, or will a payment be due the first of march?
If I close on a home on Feb 28, when is the first payment due?
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yummi1128
May 3, 2010 at 1:55 pm
Depends on your financing establishment, and how the closing was prepared, the financing company needs the time to process the mortgage and get you out a statement. Generally would be April 1.
yaska
May 3, 2010 at 2:09 pm
I am assuming you have a mortgage, you would have to check with whoever is holding that mortgage. They should have given you a schedule of your payments.
words_smith_4u
May 3, 2010 at 2:27 pm
Typically, it would be April 1 or May 1. Depends on how the ‘closing costs’ are calculated. But I’ve NEVER seen a closing on Feb 28 with a payment due the next day!
frankie b
May 3, 2010 at 2:59 pm
The first payment will be may 1st. In your closing costs you will prepay the interest for the month of April. You will not close and have a payment due the next day.
Laurasamp
May 3, 2010 at 3:21 pm
Check with your mortgage company to be sure – but typically not until April 28…
BUT DO DOUBLE CHECK!!
mazziatplay
May 3, 2010 at 4:19 pm
When you close on a home, interest is collected from the date of recording of the loan documents to the first day of the following month.
Your first payment will be April first and will be comprised of the interest accrued for March and the April principal installment. Mortgage loan interest cannot be charged until it has accrued so you always pay your mortgage interest for the previous month.