Mortgage Rates Continue to Hover at Record Lows Written By: Stacey Sprain This week’s topic was an easy one because of an ongoing situation I’ve been involved with that I learned a lot about over this past week. And to be honest, I am really frustrated about this one because it has taken up many people’s time, nearly cost a borrower close to $10
Question about closing and when first payment would be due Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
You may get more time than you think to make your first mortgage payment after the closing. You would think it would be due the 1 st of the month following your closing, but it’s usually not. Luckily, you get an entire month before you have to make that first payment.
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Ray Brousseau, president of Carrington Mortgage Services, says there’s a simple rule when it comes to the first mortgage payment. "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.
Your first payment will then be due on November 1st as you will be charged the interest for that month. You may want to check the proration clause in your contract before signing. How to calculate your first payment. For the reasons listed above it can be hard to work out exactly how much you need to pay on your first payment. Let’s say that you are borrowing 300,000 at 5% interest. Your monthly payment will be 1610.46, payable in equal monthly instalments for 30 years.
The principal portion of your mortgage payment reduces your principal balance on the date it is due. For example, if your closing date is March 15, you will be charged prorated daily interest from March 15 through March 31 on your closing statement. Your first mortgage payment will be May 1 as that payment will pay the interest for April. Let’s.
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Say you close your loan on the 15th day of May and your first payment is due on July the first. You have to pay for interest between May 15 and 31 at closing. So technically, you’re making your very first mortgage payment at the closing table.
FIRST MORTGAGE PAYMENT COUPON. Due Date: ______ Amount Due: $. Save time and money by choosing other payment options such as Direct.
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most mortgage lenders give you a few extra days to make the payment before charging a late fee. The minimum grace period in California is 10 days for a single-family primary residence, so if your.