“Not just One Answer to his Question”
We have established June 3 as our closing date with the attorney, seller, etc. thank you for all your help keeping things moving along.
The best answer is that the first mortgage payment would be due August 1st, having said that the client would have to pay the interest from June 3rd until the end of the month. Whenever possible this is a good solution as this buyer doesn’t have to think about making a mortgage payment for almost two months.
If the client is tight on dollars we get the lender to not do any prepayment of interest and in this case the first mortgage payment would be July 1st.
We do whatever works best for the client. What way would you prefer?
Image cortesy of Vichie/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.