First Mortgage Payment – When Is It Due?
Mortgage interest is paid in arrears and up-front closing costs, associated with a new loan or a refinance, usually include an amount to cover daily interest charges through the end of the month of closing.
The first mortgage payment is then not due until the month following, the month after closing. If a mortgage loan closes in January, for example, the first mortgage payment will be due at the beginning of March.
There are always exceptions to the rule, so please be sure to check with your mortgage lender.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Posted by Karen Rice, REALTOR – Keller Williams Realty Madison 1593 Hughes Road, Ste A – Madison AL 35758 Contact Me
All information deemed reliable but not guaranteed