Skip Your First Mortgage Payment
Purchasing a home is an exciting and often stressful time in anyone's life. Between the home search, the paperwork, and the financing, there are many moving parts that can make the process overwhelming. One thing that can make the experience a little bit easier is being able to skip your first months' mortgage payment. Here's everything you need to know about how to do it.
When you purchase a home, your mortgage payments are typically due on the first of every month. Your first mortgage payment is due on the first day of the month following your closing. For example, if you close on your home on May 15th, your first mortgage payment would be due on July 1st, essentially skipping the June payment altogether. You will pay some prorated mortgage interest at closing, but the amount is typically pretty nominal and a lot less than a full mortgage payment.
Benefits of Skipping Your First Months' Mortgage Payment
There are a few benefits to skipping your first months' mortgage payment. Here are a few:
Extra cash flow: Moving is expensive, and skipping your first months' mortgage payment can give you some extra cash flow as you get settled in your new home.
Reduced stress: Buying a home is stressful, and the added expense of a mortgage payment can make it even more so. Skipping your first months' payment can reduce some of that stress and allow you to focus on other things.
More time to budget: Skipping your first months' mortgage payment can give you some extra time to budget and plan for your ongoing mortgage payments.
My favorite part, no double payments and the ability to avoid lease breakage fees. Talk to your agent about the best timing for your market.
Skipping your first months' mortgage payment can be a great way to ease into homeownership. Whether you're looking to reduce stress or just need some extra cash flow, it’s a nice perk that may help you get into your home sooner than you thought.
