Your First Mortgage Payment Depends on When You Close

Everything else is paid on your closing statement but not your mortgage payment. Some items are paid in advance. 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 bought and sold 3 homes and made only 7 mortgage payments during the entire year.

More Articles by Elizabeth Weintraub:

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

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}