Usually this information is in your agreement (the "Note"). Typically if you close in May, your first payment will be in. You can call your mortgage company for the information, or check in with the bank or broker where you got your loan.
The mortgage closing is the last step in purchasing a home. It is the point that one goes from house buyer to home owner. The mortgage closing is when your mortgage becomes official and the seller receives their money. Once the mortgage closing has been completed, you will then receive the keys to your new home.
The seller holds a 2nd mortgage in lieu of getting the money from the buyer at close-- that way a buyer can have a partial down payment and a lower first mortgage. Ex. house sold for $100,000, 1st mortgage is $80,000, buyer has $10,000+ closing costs, seller holds a 2nd for $10,000 which the buyer has promised to pay back. At the end of the close, the attorney's have the buyers sign a promissory note and a mortgage note for the sellers. Then per the promissory note, the sellers get a payment every month or a payment every month with a lump sum in a year or two's time. When the buyers pay the sellers off, the sellers will give them a "satisfaction of mortgage" paper that has to be filed at the county court house. This will leave only the 1st mortgage on the property. I do have to say that all this has to be disclosed to the 1st lender and can be turned down by the 1st lender. This has to be disclosed because the buyers have to show that they can afford both payments on the house and the rest of their debt load.
Working as a mortgage loan officer for close to 20 years, typically selling the house you have purchased one year ago, with a high loan to value, will result in you taking a loss after paying realtor fees and other expenses. You should be able to still sell! However, if you have what is known as a hard pre-payment penalty in your note rider or mortgage, there will be the expense paid to the lender to pay off the mortgage early. This can range from 1% of the mortgage balance to up to 6 months worth of interest. If you have a soft pre-payment penalty, the lender does not charge you this penalty for selling the house, only if you refinance for different terms. Check your Mortgage and your Mortgage Note and if applicable, the Mortgage Note Rider. These documents should have been given to you at closing.
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