Once your mortgage closes, it's time to start the repayment. The terms of your repayment, including the first due date, are outlined in your promissory note. Typically, you will have about 45 days from closing before your first payment is due. This respite will give you time to adjust to your new payment.
When you close, you sign a promissory note. This is the contract between you and the lender. It will detail the terms of the loan, including the payment amount and the due date. The timing of the payment from closing depends on the type of loan, the lender's policy, and whether or not you've paid any prepaid interest.
Prepaid interest, while technically a payment, is actually part of your closing costs. Interest begins to accrue as soon as you close the loan. If you close part way through the month, say on the 26th of a 30-day month, and your loan payments are due on the 1st of every month, you will owe four days of interest. This is due at your closing. So if you close on June 26, you skip paying on July 1 and your first regular payment will be due August 1.
Whatever your first due date is, you can make your payment a few days later witheout penalty. Your promissory note will describe a grace period for your payments. This is the amount of time after the due date that you can make the payment without a late charge. This is usually between 10 and 15 days, but will always be found in the payment section of your promissory note. So, if your first payment is due August 1 with a 15-day grace period, you actually have until the 15th to make your first payment.
Missing the Payment
Missing your first payment, besides making you show up on your lender's radar in a bad way, will also carry a late charge. If you don't make your payment by the grace period, the lender will charge a percentage of the amount due, typically 5 percent, and add that to the payment. If you've gone past the grace period, you're considered late. If you still haven't made your payment within 30 days of the due date, you will be considered delinquent.
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