Hey you – you’re a savvy homebuyer, right? You gotta hear this mortgage tips that almost all home buyers don’t know!
Hey there! I’m Anita L Williamson, Associate Broker with James River Realty Group and I’m spilling the beans on this little-known financial secret that could save you thousands!
Knowing this can be so helpful for first-time buyers, but it can come in handy for any kind of home-buying experience!
Mortgage Tips!
Here’s the mortgage secret: When you buy a home, you’ll typically skip a month of mortgage payments. You don’t have to pay your mortgage payment the month after you close on your home in most cases.
For example, if you close your home in May, you don’t have to pay your mortgage until July. This is the case for mortgages where you pre-pay interest at closing.
You’ll have to make your first payment within 60 days of closing, but this gives your bank account a major grace period. The extra time between payments can be a serious bonus after paying those closing costs on your new home.
It gives you an extra month to get your checking account back to its normal balance in addition to providing cash for moving expenses, furniture, and any pre-move-in renovations you want to do.
But, if you want to get ahead on your mortgage and pay a little less interest, you can make that mortgage payment in the month after you close as an extra payment towards your principal. Not all lenders allow this, but if you have the extra funds it can be smart to get ahead on those payments early.
The amount that you’ll pay on your first mortgage payment will depend on the kind of mortgage loan that you took out. For example, a fixed-rate mortgage will have a standard payment that was outlined in your closing documents.
If you want to talk more about mortgages and how you can get the best deal possible on one, just reach out anytime!
I’m Anita L Williamson Helping You Establish Roots In Central Virginia!
