Congrats on buying your home! Wondering when your first mortgage payment will be due? The answer may be complex, but Cesar Silva is here to break it down.
You just bought a home, but when is your first payment due? The answer is surprisingly complex, but there are two big things you need to consider. Whether or not you’ve prepaid the taxes at closing, and when in the month you purchased your home. Mortgages are paid in arrears, which means you’re paying for the previous month, not the next month like rent, so if you close early in the month, you could have nearly two months before you make your first payment. That sounds like a nice perk when you’re hiring movers and furnishing a new home, but there’s a catch. If you push that first payment too far out, that month’s interest may be included in your closing costs. At the end of the day, there’s no perfect time to close your loan. Talk to your loan officer and they’ll help guide you in the right direction, and if you have any questions, we’re always here to talk. Thanks for watching.