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DomDana
Board Enthusiast
Member since 8/03 149 total posts
Wedding Date:
6/19/2005 3:30 PM
Wed. Location:
Woodbury, NY
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First mortgage payment?
When you move in, when do you pay the first mortgage payment? I heard that you 'skip' a month. Is that true?
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Posted 2/9/05 5:54 PM 
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janwinterbridejoy
islanders season
Member since 12/03 6843 total posts
Wedding Date:
1/9/2004 2:30 PM
Wed. Location:
chateau briandA+
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Re: First mortgage payment?
you dont skip a month it gets taken at the closing
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Posted 2/9/05 5:56 PM
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KimberlyBride
How did I get so lucky?
Member since 2/04 8871 total posts
Wedding Date:
10/15/2005 1:00 PM
Wed. Location:
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Re: First mortgage payment?
We closed in early January and first payment not due until end of March. Worked out well for us. A full months pay to spend at home depot...lol.
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Posted 2/9/05 9:25 PM
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kpny622
American Idol is FIXED!
Member since 1/04 1111 total posts
Wedding Date:
6/22/2004 5:00 PM
Wed. Location:
CB
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Re: First mortgage payment?
we closed in December and they took payment at the closing for the rest of December, and January. So our first mortgage invoice and check was for February 1.
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Posted 2/9/05 11:04 PM
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laughinlala
"I'm Addicted"
Member since 11/04 1014 total posts
Wedding Date:
7/4/2006 12:00 AM
Wed. Location:
Done
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Re: First mortgage payment?
Posted by janwinterbridejoy
you dont skip a month it gets taken at the closing
Is this already included in the closing costs or do they add it on top of quoted closing costs???
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Posted 2/10/05 1:39 PM
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kpny622
American Idol is FIXED!
Member since 1/04 1111 total posts
Wedding Date:
6/22/2004 5:00 PM
Wed. Location:
CB
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Re: First mortgage payment?
Posted by laughinlala
Posted by janwinterbridejoy
you dont skip a month it gets taken at the closing
Is this already included in the closing costs or do they add it on top of quoted closing costs???
that depends - it may or may not be - you have to look closely at your good faith estimate and see if there's a line item for the estimated mortgage payments
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Posted 2/10/05 3:10 PM
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Jmg11
Board Fanatic
Member since 7/04 970 total posts
Wedding Date:
8/19/2004 7:00 PM
Wed. Location:
Woodbury
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Re: First mortgage payment?
This is how it works. Your first payment is basically all interest....so they have to let the interest build before they can charge you for it - that is why you get a month "off".
I closed Feb 5 2004. So I paid the month of Feb in my closing costs - then had "off" March then my first real payment was April 1.
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Posted 2/10/05 4:38 PM
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