when do I make my first mortgage payment?

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irvinedreamer_IHB

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I'll sign on the loan doc on 20th, Oct and it will take 5 days for my lender to proceed funding. (I don't know why it takes so long for ING, usaully the bank can fund right next day after the buyer sign on the loan doc.) So..my lender says money will be funded and recorded on 27th, Oct. Then, when is the day the lender will calculate the interest from? from the day when I sign on the loan doc(20th, Oct)? or from the day when the money is funded(27th, Oct)? Thanks in advance.
 
It's been a while for me... but I believe if you look at your closing statement you will see that you have already been charged interest from the day of closing until the end of the month. You won't make your next payment until the following month (and it will include the prior month's interest.) Hope this helps. I'm sure there will be some better answers on here.
 
[quote author="irvinedreamer" date=1223034804]I'll sign on the loan doc on 20th, Oct and it will take 5 days for my lender to proceed funding. (I don't know why it takes so long for ING, usaully the bank can fund right next day after the buyer sign on the loan doc.) So..my lender says money will be funded and recorded on 27th, Oct. Then, when is the day the lender will calculate the interest from? from the day when I sign on the loan doc(20th, Oct)? or from the day when the money is funded(27th, Oct)? Thanks in advance.</blockquote>


The lender will begin billing from the date <strong>recorded</strong>, in your case Oct. 27.
 
[quote author="irvinedreamer" date=1223034804]I'll sign on the loan doc on 20th, Oct and it will take 5 days for my lender to proceed funding. (I don't know why it takes so long for ING, usaully the bank can fund right next day after the buyer sign on the loan doc.) So..my lender says money will be funded and recorded on 27th, Oct. Then, when is the day the lender will calculate the interest from? from the day when I sign on the loan doc(20th, Oct)? or from the day when the money is funded(27th, Oct)? Thanks in advance.</blockquote>


I agree, it's the date that the money is funded. Otherwise what are you paying interest for?
 
[quote author="irvinedreamer" date=1223034804]I'll sign on the loan doc on 20th, Oct and it will take 5 days for my lender to proceed funding. (I don't know why it takes so long for ING, usaully the bank can fund right next day after the buyer sign on the loan doc.) So..my lender says money will be funded and recorded on 27th, Oct. Then, when is the day the lender will calculate the interest from? from the day when I sign on the loan doc(20th, Oct)? or from the day when the money is funded(27th, Oct)? Thanks in advance.</blockquote>


do you live in the future ?? if you signed last year 20th of oct the forclosure folks should come by any day now if you havn't made a payment yet...



if you meant 20th of Sept and 27th of sept, your first payment due will be Nov 1st, they usually give you one or to payment stubs just in case but you should get a mortgage statement before that anyway. you will pay interest starting the 27th of sept
 
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