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when is your first mortgage payment due after completion

You may get more time than you think to make your first mortgage payment after the closing. You would think it would be due the 1 st of the month following your closing, but it’s usually not. Luckily, you get an entire month before you have to make that first payment.

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Once your new mortgage has started, you can apply for a refund of the early repayment charge. Taking your product rate to a new mortgage, page 20 Your first monthly payment We’ll collect your first payment by direct debit in the month after your mortgage starts. The first payment is usually higher than the rest of your monthly payments.

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Say for example a completion date is this Friday for a new house purchase, when would the first mortgage payment be due. Would it be straight away for at the end of April?

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Best Answer: Typically if you close on the loan in June, your first payment won’t be due until August 1, and you typically have a 10-15 day grace period to pay. This is because mortgage payments are paid in arrears, where as rent is always due up front. As a part of your closing costs, you will be paying interest due for the remaining days of June, and then paying July’s payment in August.

While closing at the beginning of the month means you have almost two months until your first mortgage payment is due, it also means you will.

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