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Mortgage Payment start date

Hello - I have a quick question. If I close December 30, 2008 when does
mortgage payment begin? If I close January 2nd, 2009 when does mortgage payment
begin. How is this determined?

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December 28 2008 - Briarwood
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Answers (4)

For Fannie Mae loans it is determined from the date you sign your loan documents (funding and recording are not relevant).  December signings payments are due Feb 1, January signings March 1, Feb signings Apr 1, etc.
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December 29 2008
in your case it should be Feb 1st.
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December 29 2008
This article should clear things up.

When Is My First Mortgage Payment Due?
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December 28 2008
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If you sign in dec. your 1st mortgage payment will be in Feb. If you close Jan 2nd. ask your lender to give you an interest credit so your payment will still be due in Feb. Otherwise you will have to bring more money into close and pay for the interest for January upfront. Then your 1st payment would be in March.

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December 28 2008
 
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