Congratulations on your new home! Now that you’ve settled in, it’s time to tackle your first mortgage payment. But when exactly is it due, and how can you make sure you don’t miss it? Don’t worry, we’ve got you covered.
When Your First Payment Arrives
Your first mortgage payment is normally due thirty days (30 full days) after the closing date. Accordingly, your first payment would be due on June 1st if you closed on May 1st. However, there are a few factors that can affect this timeline:
- Closing Date: Closing earlier in the month gives you more time before your first payment, but you’ll need to prepay interest for the remaining days in that month.
- Payment Frequency: Most mortgages are paid monthly, but some lenders offer bi-weekly payments. This means you’ll make half your monthly payment every two weeks, resulting in 13 full payments each year and a faster payoff.
Making Your First Payment Easy
Gone are the days of writing checks and mailing them on time. Today, most lenders offer convenient ways to make your mortgage payments:
- Online Payments: Most lenders have online portals where you can make payments directly from your bank account.
- Mobile Apps: Many lenders also have mobile apps that allow you to manage your mortgage on the go.
- Autopay: This is the ultimate convenience, as it automatically deducts your payment from your bank account on the due date. No more worrying about late fees!
The Benefits of Autopay
Autopay offers several advantages:
- Peace of Mind: You’ll never miss a payment, eliminating the risk of late fees and potential damage to your credit score.
- Convenience: No more remembering due dates or manually making payments.
- Security: Automatic payments are encrypted, ensuring your financial information is protected.
- Time Savings: No more writing checks, buying stamps, or mailing payments.
Is Autopay Right for You?
While autopay is a great option for many homeowners, it’s not for everyone. If you’re living paycheck to paycheck and unsure about having enough funds in your account on the due date, it’s best to avoid autopay.
Staying on Top of Your Payments
Even with autopay, it’s crucial to stay informed about your mortgage payments. Make sure everything is on track by regularly reviewing your statements, and stay informed of any adjustments to your payment schedule.
Remember:
- Your first mortgage payment is typically due one month after closing.
- Closing date and payment frequency can affect the due date.
- Online payments, mobile apps, and autopay offer convenient ways to make payments.
- Autopay provides peace of mind, convenience, and security.
- Review your statements regularly to stay informed.
By understanding when your first mortgage payment is due and utilizing the available tools, you can ensure a smooth and stress-free payment process. Now, go enjoy your new home!
How Much Is Your First Mortgage Payment?
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When Is Your First Mortgage Payment Due After Closing?
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When is a mortgage payment due?
The first mortgage payment is typically due on the first of the month, one full month (30 days) after the closing date. Monthly mortgage installments are paid in arrears, meaning you’ll be making payments for the month prior rather than the current month.
Can I pay my mortgage early?
Rocket Mortgage ® lets you get to house hunting sooner. Your first payment will generally be on the first day of the month following your first 30 days of ownership, but when you close can affect how much time you have between closing and that payment. While you can’t change your payment due date, you can always pay your mortgage early.
How often should I pay my mortgage?
For instance, if you can pay your mortgage 3 – 7 days earlier each month, you’ll be a month ahead on your payments within 4 – 8 months. Better yet, ask your lender if they allow bi-weekly payments. You’ll pay ½ your monthly mortgage payment every two weeks.
Should you pay your mortgage online?
Making a mortgage online payment is fast, free and efficient. Plus, paying online means you can decide when you want to make the payment, maintain a record of when you made it and ensure that you pay it by the due date. Some lenders also have free mobile apps where you can access your account online and pay your mortgage from your phone.