Thursday, July 28, 2022
HomeMortgageDemystifying Your First Mortgage Fee

Demystifying Your First Mortgage Fee


When it’s time to make your first mortgage cost, it’s straightforward to get confused. Is it due at closing? On the finish of the month? Should you shut on the finish of the month, do you’ll want to submit your cost inside a couple of days?

Don’t miss your first mortgage cost! At present we’ll let you know all the pieces you’ll want to 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 also be due on the primary, however you may get a bit additional time to get your funds collectively. Right here’s some must-know information in regards to 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 can be due on July 1.
  • You gained’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 may delay your first mortgage cost by an extra month by prepaying curiosity at closing.
  • Until you prepay curiosity, your first mortgage cost can be due inside 60 days of closing.

Assembly the Deadline: Making Well timed Mortgage Funds

Most lenders supply 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  • Snail mail: It’s a bit outdated, but it surely works. Ship a examine or cash order to the tackle specified by your lender. Remember that your lender may use totally different addresses for various kinds of correspondence, so be sure to 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. Test your account the day earlier than to make sure you have sufficient funds!
  • On-line or telephone funds: In case your mortgage due date snuck up on you, most lenders help you make a one-time cost on-line or over the telephone. They may cost a small charge for this service, but it surely’s higher than being delinquent in your mortgage!

Contact Us At present!

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

Contact certainly one of our mortgage consultants for extra info.

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