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.
- 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