A reader asks: "Should I make my next mortgage payment before my house closes? We are under contract and scheduled to close on the 14th of the month. " This is a fairly common question for title companies. And the answer depends on your closing date and time. Before closing, the title company.
We are currently paying both a mortgage and rent payment which is stretching us thin, so I’d like to not make that last payment if I can do so without penalty/negative consequences. No need to make the 05/01 payment when closing on 05/10.
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Many times I am asked just before the scheduled closing by the seller if they should pay their last mortgage payment. This video describes the fact that there is no financial benefit really to not.
The moral: before proceeding with an extra payment designed to eliminate the mortgage, call the lender to learn the drill. You must also make sure that a satisfaction of mortgage has been filed with the county where your mortgage was registered so that it no longer appears on your property record.
Whether you’re a first-time homebuyer, looking to purchase a second home, or downsizing after a life change, you can’t move into your new house until you officially close on the property. Your closing day – the day you meet with the seller, your real estate agents, title or escrow agents, and possibly other parties involved in the transaction – is the day the property officially.
Your First Mortgage Payment explained 07 august 2015, by Design A House Sign It can be confusing when taking out a mortgage, to know exactly how it works and when your payments are due.