Moving
Loans
Mortgages
Home Equity and Refinancing

How soon after closing on a house do you have to make the first mortgage payment?

131415

Top Answer
User Avatar
Wiki User
2007-06-02 03:40:01
2007-06-02 03:40:01

Usually this information is in your agreement (the "Note"). Typically if you close in May, your first payment will be in July. You can call your mortgage company for the information, or check in with the bank or broker where you got your loan.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

Yes, you are responsible for your mortgage payment until the day of closing the sale to a new owner of the house. Any remaining balance will be paid through the proceeds at closing.

User Avatar

A 'senior mortgage' is the first mortgage placed on a property. If one re-mortgages one's house, then that becomes known as a 'junior mortgage'. Payment of a senior mortgage always takes precedence over payment of a junior mortgage.

User Avatar

Absolutely, you can sell a house with a second mortgage on it. Keep in mind that you will have to provide clear title at time of closing and that the all mortgages (first and second) will need to be satisfied at closing which can be paid with the proceeds from the sale.

User Avatar

Amonthley payment on a house is called a "Mortgage"

User Avatar

the average mortgage payment is around $1400.00 a month. believe it or not when i bought my house in 1972 my mortgage was $143.75 a month

User Avatar

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.

User Avatar

You pay the mortgage at the city hall your first payment is 18,000

User Avatar

A mortgage payment depends on several main things: -How much your house is worth -How much you put down for your house -Your credit approval -The type of mortgage plan you chose, usually 15 or 30 years

User Avatar

The mortgage payments must be made or the lender will foreclose the mortgage.

User Avatar

The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.

User Avatar

A Monthly Mortgage payment, would be the repayment of a loan taken with a bank or lending firm, when buying a house or property. For example, if you borrowed $250,000 to buy a house, with an interest rate of 3%. The estimated monthly mortgage payment would be 1,054.01 per month, for 360 months.

User Avatar

There is no such thing as an average mortgage payment. This is down to the fact that house prices vary nationwide, interest rates vary and the length, or term, of a mortgage will also vary.

User Avatar

The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house.

User Avatar

Your average mortgage rate and payment depend on many factors including where you are looking to purchase your house, personal income, and your credit score. Many mortgage companies offer online mortgage calculators that can be useful in determining what your monthly home loan payment will be.

User Avatar

A fixed rate mortgage is a loan to buy a house and/or property in which the interest rate charged is 'fixed' or does not change. For instance, if you take out a 30-year fixed rate mortgage, you will have the same interest rate for the first payment as you will for the last payment, 30 years later.

User Avatar

if the house has a mortgage you have a mortgage payment, property taxes, homeowners insurance. then your utilities water/sewer, gas, electric, telephone and cable.

User Avatar

Absolutely not. You simply took money from the bank and put it in "another" savings place. Basically, only the interest on your mortgage will be a deduction (closing costs and such aren't either, and improvements or repair to your house aren't either again).

User Avatar

The answer depends on the interest rate and the length of the mortgage. You can build a chart at the related link provided below.

User Avatar

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.

User Avatar

the will states that she does not work has no way to pay he told me if i can make the payment i could have the house

User Avatar

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.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.