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NMLS #1547953

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Preparing To Purchase a Home

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Exploring Your Mortgage Options

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Getting Approved

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Working With an Agent

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Finding a Home

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How To Make an Offer

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Preparing To Close

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Closing on Your Home

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Managing Your Mortgage

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1.WHERE YOUR MONTHLY PAYMENT GOES

Every month, you’ll be making monthly payments to your lender that will go towards paying back the amount you borrowed (also known as the principal), along with interest. Mortgage insurance may also be included in your monthly payment.

Your mortgage statements will reveal how your payment has been divided. In the beginning, most of your payment will go towards paying the interests on your loan, but after some time, most of the payment will go towards paying the principal balance.

If you have an escrow account on your loan, part of your payment will go towards that. The amount of money that you pay for escrow will depend on your insurance premiums and your tax amounts. Every year, your lender will calculate your account to ensure they’re collecting the right amount of money and will adjust the payment if they’re collecting too much or too little.

WHEN IS MY FIRST MORTGAGE PAYMENT DUE?

Your first mortgage payment isn’t going to be due for nearly 2 months after the closing. For instance, if you’re closing on June 9th, you’ll be paying per-diem interest at closing for covering the period between June 9 and June 30. After that, your payment for the month of July will be due on August 1st.

2.HOW TO HANDLE A MISSED MORTGAGE PAYMENT?

You won’t need to pay a penalty if you’re a couple of days late on your mortgage payment. There’s a grace period provided by most lenders (which is usually 14 days) when you can make mortgage payments without incurring a late fee. You’ll need to pay a penalty if you don’t pay within this grace period, and your credit score will decrease if you make late payments.

WHAT SHOULD I DO IF I’M GOING TO MISS A MORTGAGE PAYMENT?

You should get in touch with your lender immediately if you know you won’t manage to make your mortgage payment on time. You’ll hurt your credit score if you miss multiple payments, and it could also cause you to default on your loan, and you could potentially lose your home. So, if you’re going through financial problems, you can ask your lender to create a payment plan that will help you get back on track with your payments

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Further Reading

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