By Admin on Dec 18, 2008 in Renting & Real Estate
Mike asked:
I am buying a house on May 29th and have taken out my mortgage from Alliance and Leicester. I was just wondering if anyone knew if I would be expected to make a payment right away on completion day as soon as i get the money or if it will be the month after in June?
I hope its the latter obviously!
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I am buying a house on May 29th and have taken out my mortgage from Alliance and Leicester. I was just wondering if anyone knew if I would be expected to make a payment right away on completion day as soon as i get the money or if it will be the month after in June?
I hope its the latter obviously!
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The mortgage companies I’ve worked with in the past give you about a month or two before you start making payments.
Call your mortgage company or who you are closing the deal with for the details.
scottarooski | Dec 19, 2008 | Reply
It will be 4-6 weeks later when your first payment is due. You can ask at the closing and set up your payment on the date that works best for you.
PJ | Dec 22, 2008 | Reply
Your first payment will be due July 1st. Make sure at closing you get the information on your payments such as where to send it to. You will receive your statement about mid June but just in case, you need the info to send the payment to.
A W | Dec 24, 2008 | Reply
when you fill out all the paperwork, they are usually very clear about when the first mortgage payment is due
if they aren’t ASK
for now, you could call or email the company and ask what is standard ( you wouldn’t have to give your name if you are embarrassed about it)
nickipettis | Dec 27, 2008 | Reply
should be July 1st
Rick K | Dec 27, 2008 | Reply
You’ll get your money for the house on May 29th and first payment will probably be July 1st.
RM | Dec 27, 2008 | Reply
The first payment will be day of closing,, Interest will be charged for that month to the first of the month or date of payment.. Your payments could be on any day of the month, as you set up your loan, you should ask for a date best for you… Many people would rather pay on the 15th than the first. So you would be charged at closing for the days from the 29th to the following 15th..
Every bank is a bit different,,, easy to just make a phone call to find out,, every answer here is just plain guessing and speculation.
budhah1 | Dec 29, 2008 | Reply