When Do You Make Your First Mortgage Payment?

You don't make your first mortgage payment at closing.

But you do pay everything else at closing. In California, it is customary for the buyer to pay for an appraisal in advance, but all the other costs of obtaining a mortgage are paid at closing. Except for that mortgage payment.

When your first mortgage payment is due depends on the time of the month that you close. One year I moved three times, buying three different homes, and I paid fewer than 7 mortgage payments that year . . . read more about mortgage payments.

More Articles by Elizabeth Weintraub:

• Who Determines Mortgage Rates?
  
• Types of Mortgages
  
• How to Avoid Mortgage Fraud

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