(Closed) First house payment…then no payment due for 90 days??

posted 6 years ago in Home
  • poll: Please explain...and tell me who your loan was through if you don't mind
    I've heard of this : (10 votes)
    32 %
    I've never heard of this : (15 votes)
    48 %
    This is how my home buying experience went. : (6 votes)
    19 %
  • Post # 3
    46412 posts
    Honey Beekeeper
    • Wedding: November 1999

    In times when it was difficult to get people to buy houses, lenders have been known to offer all sorts of deals.

    That is not standard however.

    Post # 4
    4693 posts
    Honey bee
    • Wedding: October 2013

    When I bought my condo I paid the first payment at closing (July 3rd) which was considered my August payment, and then my next payment was due Sept 1st.

    ETA: If my closing had been on June 29th the payment made at closing would have been considered my July payment and my next payment would’ve been due August 1st.

    Post # 5
    2233 posts
    Buzzing bee
    • Wedding: September 2012

    This is done for new builds so the payments are technically the downpayment given in portions but I have never heard of the mortgage being done like that.

    Post # 7
    322 posts
    Helper bee
    • Wedding: September 2012

    This was my experience. Most USDA and other 100% motrgages are like this. When  you close, you pay the first month (or two in some circumstances) and the next payment is not due until 2 or so months later. This gives the mortgage company time to process and sell your loan if they do not plan on maintaining the loan.

    EX: I bought my house in March 2010, I went to closing and paid all of the closing costs and then my next payment was not due until June 1st.

    I also just refinanced and had the same scenario, I refinanced in March 2012 and I paid April as part of the closing and now my next payment is due May 1…

    Post # 8
    5977 posts
    Bee Keeper

    When we bought our house, our first and second payment were included in the closing costs. So we closed, and then our first payment wasn’t due for  60 days. We closed at the end of September, and our first payment wasn’t due until 12/1.

    Like @Mrs.LloydDobler: said, it gives the mortgage company time to process and sell your loan. Our loan was sold shortly after that to Wells Fargo, so that’s where our first official payment went after closing. 

    Post # 9
    764 posts
    Busy bee
    • Wedding: September 2011

    It all depends on when you close. I have never heard of 90 days but have known of 60 days quite often.

    Post # 11
    3375 posts
    Sugar bee
    • Wedding: October 2011

    I think I didn’t pay for like 2 months, but I figured it’s because they were entering me into their system and I’d already paid my first month?

    Post # 12
    13099 posts
    Honey Beekeeper
    • Wedding: July 2010

    We closed on our house on March 30th.  The only thing we paid at closing was our down payment and closing costs (well, actually those were wired in the day before).

    Our first mortgage payment was due today (May 1st).  So this was just over a month later.  Our mortgage had already been sold to Wells Fargo in that timeframe.

    @Ms. Martian:  Our home was a new build and we didn’t have what the OP is describing.

    Post # 13
    5670 posts
    Bee Keeper
    • Wedding: August 2010

    Our first payment was due in 60 days, but if you can get 90 days thats awesome. That’s a couple thousand back in your pocket.

    Post # 14
    2808 posts
    Sugar bee
    • Wedding: May 2012

    Similar thing with us. We closed on August 3rd and didn’t have to make a payment until October.

    Post # 15
    2214 posts
    Buzzing bee

    I closed on July 28th and paid my first payment, then my next payment was due September 1st, but I’ve definitely heard of 60 or 90 day periods between the first and second payment.

    Post # 16
    382 posts
    Helper bee
    • Wedding: June 2011

    This is what I understand to be typical from what my parents and friends have told me: 


    I haven’t experienced it yet myself, but we’re closing on our house in a couple of weeks and I know that the interest for the days in May that we’ll have the keys is included in our closing costs, as this article describes.

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