Monday, September 26, 2022
HomeMortgageDemystifying Your First Mortgage Fee

Demystifying Your First Mortgage Fee


When it’s time to make your first mortgage cost, it’s simple to get confused. Is it due at closing? On the finish of the month? In case you shut on the finish of the month, do it’s essential submit your cost inside a number of days?

Don’t miss your first mortgage cost! As we speak we’ll let you know every part it’s essential know to pay your mortgage on time.

When Is My First Mortgage Fee Due?

Mortgage funds are often due on the primary of the month, however what about that all-important preliminary cost? That one can be due on the primary, however you may get a little bit additional time to get your funds collectively. Right here’s some must-know information concerning the timing of your first cost:

  • Your first mortgage cost is often due 30 days after closing, on the primary day of the month. For instance, when you shut on Might 20, your first cost shall be due on July 1.
  • You received’t get monetary savings if there’s a lengthy hole between closing and your first mortgage cost. The lender will nonetheless accumulate their curiosity proceeds at closing.
  • In some conditions, you possibly can delay your first mortgage cost by an extra month by prepaying curiosity at closing.
  • Except you prepay curiosity, your first mortgage cost shall be due inside 60 days of closing.

Assembly the Deadline: Making Well timed Mortgage Funds

Most lenders provide a number of methods to submit your month-to-month mortgage cost. Debtors can often select from the next choices:

  • Snail mail: It’s a little bit outdated, but it surely works. Ship a test or cash order to the deal with specified by your lender. Bear in mind that your lender may use completely different addresses for several types of correspondence, so be sure you have the proper vacation spot in your envelope.
  • Auto-pay: Go to your lender’s web site to get your mortgage cost routinely deducted out of your checking account on the due date. Verify your account the day earlier than to make sure you have sufficient funds!
  • On-line or cellphone funds: In case your mortgage due date snuck up on you, most lenders mean you can make a one-time cost on-line or over the cellphone. They may cost a small charge for this service, but it surely’s higher than being delinquent in your mortgage!

Contact Us As we speak!

Begin your homeownership journey on the correct path! Contact us at MortgageDepot for an easy-to-understand clarification of when and methods to submit your first mortgage cost.

Contact one in every of our mortgage consultants for extra data.

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