When Will My First Payment Be??

By
Real Estate Broker/Owner with McKinney Realty Group

I recently had a conversation with one of my clients, that is buying a home in Fayetteville NC, that seems to be one of the questions I hear most...

Melissa~If we close on the 15th when is our first payment going to be due?

When you are renting you pay at the first of the month for the month that you are about to use.  When you buy a home you are living in it for the month and then paying for that time the next month.

Flower

  • So if renting January 1st you pay for the month of January
  • Buying your payment is due February 1st for the time you spent in January



So if you purchase a home on the 15th of January you are paying interim interest for the remainder of the days in January at settlement. So then your first payment will be due on March 1st.

Mortgage payments are due on the 1st and late after the 15th of the month.  So they are giving you that window to make your payment.  Which makes it nice lets say if you get paid on the 5th of the month.

Everything about owning a home in Fayetteville NC is a GOOD thing!! Search for homes today at www.FayettevilleNcHomeFinder.com

 

Comments (16)

Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

Good advice!    That is a question that comes up frequently!   having that "missed payment" is helpful to first time homebuyers who seem to need so much to fill thier home!

Jan 15, 2011 05:55 AM
Diane McDermott
Realtor®, GRI, Landis e2 Real Estate, LLC - Charlotte, NC
Charlotte NC Real Estate Market

Common question Melissa, important for buyers to keep in mind going from renting to owning and when planning the closing date.

Jan 15, 2011 05:58 AM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

 You are always full of useful information! If I were buying a home in Fayetteville, NC, I'd call you, for sure!

Jan 15, 2011 06:13 AM
Karen Crowson
Coldwell Banker Residential Brokerage - Rancho Bernardo, CA
Your Agent for Change

I just had this same conversation with a new buyer yesterday.  It just doesn't fit it with what they've been used to, and they find it very confusing.

Jan 15, 2011 07:05 AM
Shawna Green
Keller Williams Realty-Fayetteville - Fayetteville, NC
The key to your real estate needs!

Good one Melissa, like Karen I just had this conversation today with my new buyer.  Great way to explain it!

Jan 15, 2011 08:57 AM
Amanda Simpson
Keller Williams Realty - Fayetteville, NC

Love the way you simplified the answer to that question so it is easy to understand.  Great post, Melissa.

Jan 15, 2011 11:05 AM
Debra Davis
Keller Williams Realty Atlanta Partners - Snellville, GA
Realtor - Atlanta, Decatur, Snellville, Loganville

Great answer to this question. All buyers want to know this and you explained it well.

Jan 15, 2011 11:39 AM
Melissa McKinney
McKinney Realty Group - Fayetteville, NC
Realtor, www.LivingFayetteville.com

Deborah~It really makes buying convenient!

Diane~You are so right about that!

Joni~ Thanks you SO much!!

Karen~ They do find it a little hard to comprehend...

Shawna~Thanks!

Amanda~Thank you! I was trying to make it simple..

Debra~ Glad you thought it was easy to understand!

Jan 15, 2011 11:53 AM
Cindy Marchant
Keller Williams Indy NE 317-290-7775 www.marchantteam.com - Carmel, IN
"Cindy in Indy" , Realtor, Fishers Real Estate

I JUST had this conversation about an hour ago!  My folks want to know if they want their first payment to be July 1, when do they come back to town to buy a house...working backwards was a little challenging for me!  lol

Cindy in Indy

Jan 15, 2011 11:55 AM
Melissa McKinney
McKinney Realty Group - Fayetteville, NC
Realtor, www.LivingFayetteville.com

Cindy~ LOL..I am sure you worked through it!! It is a very important ingredient to the recipe!

Jan 15, 2011 11:59 AM
'The Diamond Group' 'A Cut Above The Rest'
The Diamond Group @ Keller Williams - Lubbock, TX
Lubbock Texas Real Estate

thanks Melissa, this is something I answer all the time and over and over..............but I really like it when the light bulb goes off on

Jan 15, 2011 02:54 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Melissa, It's great the way you explained both buying and renting scenarios...good advice!

Jan 16, 2011 12:03 AM
Clark Cook
1st Choice Realty of Fayetteville, LLC - Fayetteville, NC
Marketing Homes For Sale In Fayetteville NC Area

Melissa, your explanation is clear and concise, but should I buy or should I rent? :)

Jan 16, 2011 02:08 AM
Scott Hayes
(512) 786-8300 - Austin, TX
Realty Austin, Broker Associate

Melissa,

Once again, one of those posts that we tend to take for granted, but proves valuable to the buyer. After all, they don't do this real estate thing every day.

Jan 16, 2011 04:31 AM
Melissa McKinney
McKinney Realty Group - Fayetteville, NC
Realtor, www.LivingFayetteville.com

Elizabeth~ LOL I do to!!

Larry & Shiela~Thanks!

Clark~ I am so glad you ask!! I needed an idea for my blog today so this one is just for you!!

Should I Buy a Home in Fayetteville NC or Should I Rent?

Scott~I agree sometimes we may think that our clients know something because it is so everyday for us!!

Jan 16, 2011 04:56 AM
Cinnamon Wright
Wilmington Real Estate 4U 910.547.1446 - Wrightsville Beach, NC
Assistant to Tish Lloyd

Missed this one too!  Great explanation Melissa!  If you're buying a home in Fayettville NC, Melissa McKinney is the agent to work with!

Feb 11, 2011 08:44 AM