Typically if you close within the first 10 days of the month, you have the option of your 1st mortgage payment being due the 1st of the immediate month or skipping that month and it be the following month (i.e. closing on Feb. 7th you could choose your 1st payment to be due March 1st or April 1st).
The only possibility different is if you close within the first five days of a month (just in case your closing is delayed from end of November to one of first several days in December) In that case many lenders give you a choice: 1. Paying interest at closing to the end of December and first payment would be due February 1st, or 2.
To get the best and accurate answer call your lender. If you do not have a mortgage and are just curious about when the the first payment would be due call a lender such as a bank and ask the loan officer when and how you would be notified for the first payment after closing on a house.
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When Can You Move In After Closing? From the very first time that you see your future home and throughout the negotiating process, you are most likely daydreaming about the day you can move into it. You may be counting the seconds until closing day, planning the ways you will decorate it and how your family will settle into your new home.
With savings rates at rock-bottom, overpaying on your mortgage is often a no-brainer. And for many it is. on whether you.
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If you close the first week of August, say August 3, you may have a choice. You can pay interest at closing for 29 days, with the first regular payment due october 1. The cash required at closing would be higher than if you closed in late July, but the first payment would be pushed out almost a month.