Should I Pay My Mortgage Before Settlement?

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

Should I make my mortgage payment before closing?

That depends on your closing date and time.

 questioning

The title company will order a payoff statement from your current lender so they know the amount to send after closing.

Many title companies schedule the payoff amount based on the day after closing. Some experts would advise if you have not made your payment for the month and you are closing on or before the 14th then your payoff with the title already includes the interest due for November. So it might be ok to not make the payment as long as the loan funds in November and the payoff is wired to the lender. 

Not sure what to do… pay the monthly payment!

You will be only paying for the days you are the property owner. If you overpay, you’ll get your money back as long as everything goes as planned.

Questions about buying or selling your home

Call Margaret Rome

Margaret Rome

 

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Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Margaret Rome Baltimore 410-530-2400  That is an excellent question and answer it is one I receive often 

Nov 23, 2020 01:34 PM #1
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Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I must admit I have answered that question several times in the past year or so. Your answer is spot-on 

Happy Monday evening  Margaret Rome Baltimore 410-530-2400 

Nov 23, 2020 02:15 PM #2
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Hannah Williams, We do get these questions all the time. 

Nov 23, 2020 02:25 PM #3
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Paul S. Henderson, REALTOR®, CRS Always good to see you!

Nov 23, 2020 02:28 PM #4
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Margaret Rome Baltimore 410-530-2400

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