Apr
24
after mortgage completed when is first payment due?
By
my remortgage was completed on the 30/11/07 and they wanted first payment on the 1/12/07 (yep the day after) we were not prepared for that, so that put us a month in arrears, does this sound right, can anyone advise.
Passive Income
Related articles:
- mortgage missed payment so they say? due to a missed payment error on mortgage company, we moved into our new house 1st of nov, we missed the first payment due to an admin error on...
- i live in caada and my mortgage company has resorted to solicitors for one month’s payment in arrears? i am scared witless that i am going to lose my home. i was told that they can defer one payment if i just write them a hardship letter...
- Cover Redundancy With Mortgage, Loan or Income Payment Protection You are able to cover redundancy with mortgage, loan or income payment protection depending on your needs. All policies can be taken out independently with specialist providers and this...
- Mortgage Payment Insurance - Do You Know What it Can do For You? Many homeowners do not know much about mortgage payment insurance. However they should find out, as it can a great deal for them if they were to become unemployed...
- My Mother in law has messed up our mortgage payment and I’m worried? OK this is going to be long so bear with me. Last year we fell into arrears with our mortgage. We went to court, a suspended possession order was...
4 Comments
June 20th, 2009 at 9:54 am
Your mortage paperwork should say so, if not contact the bank/lender.
June 23rd, 2009 at 4:20 pm
Yes, that sounds correct.
Your rent is due in advance, so where’s the difference in paying mortgage interest on the 1st too?
June 25th, 2009 at 8:02 pm
No that does not sound correct at all. You should have been charged enough pre paid interest to have your first payment due approximately 45 days after the close of your escrow.
Your first payment should have been somewhere around Feb 1, 2008.
Your loan docs you signed would have this information on them as to when your first payment would be due, the interest rate, the monthly mortgage payments as well as when the last payment is due.
You should read your loan docs if you did not when you signed them.
I understand that there are lots of documents to sign and everyone is throwing stuff at you telling you not to worry that this is routine.
To whom is it routine, apparently not you, because you do not even know when your first payment was due.
You should take the time and read then immediately, even though there is not a lot you can do about them presently.
When you purchase a home you do not get a chance to rescind your mortgage loan after signing the mortgage loan docs. When you refinance you are given a three (3) day right of rescission. So even if you do sign your mortgage loan docs you have three (3) days in which you could change your mind and there is nothing your mortgage lender can do.
I hope this has been of some use to you, good luck.
‘FIGHT ON”
June 27th, 2009 at 2:42 pm
You did not say where this property is located. It sounds like you did a refinance of your mortgage loan, is that correct?
In the purchase of a property in the US, typically at closing the buyer pays the interest due from day of closing to the last day of that month. In your case, you would have paid 1 day’s interest at closing, Nov. 30, 2007 and your first payment would have been due on Jan 1, 2008.
It is possible that a refi is different. Maybe one of the lenders who comment on this site can clarify.
In any event, you should have been told at closing when your first payment would be due. I am a TX Real Estate agent and at closing the title company presents my buyer clients with a temporary payment coupon for the first payment which shows the amount due, due date, and address for sending payment.
This matter is almost 1 year old. Has something come up that brings it to your mind now?