When is the first mortgage payment due?

Home Forums Mortgage When is the first mortgage payment due?

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    Team StellarFi

    After closing the mortgage deal, you get a First Payment Letter detailing your first payment date along with payment instructions. The first payment is usually due on the first of the next month after a month has passed since closing. So if you close on January 12 or 15, your first payment will be due on March 1. However, since the interest continues to accrue, it is always better to close towards the end of the month to avoid paying more interest. 

    You must make the first payment no later than 60 days after closing. You can pay in the following ways:

    • Online through an electronic check or a bank transfer. 
    • Autopay, where you can set up your bank account to make automatic payments every month towards the mortgage on the date you choose. With autopay, you don’t need to worry about missing a payment or late payments. This helps your credit score.
    • You can also pay over the phone if your lender has that as an option. 
    • You can also send a check, it’s risky to make these high-amount transactions via mail since it runs the risk of getting lost or cashed in by someone else. 

    Speak to your lender about the best available options and you can choose the one that suits you best.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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