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Old 05-28-2011, 07:17 AM
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Default If I close my closing date is set for 06/01/11
why is our 1st mortgage due July 1st.?
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Old 05-28-2011, 06:03 PM
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Cos one is usa way of writting date month day year and the other is uk way day month year ok
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Old 05-29-2011, 12:18 AM
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It may not seem fair to you because you could use the month's mortgage for other purposes, but if you really think about it, paying on 1 July is in your best interest. If you didn't pay 1 July, you would owe more interest over the life of your mortgage because your mortgage had two months to let the interest run up when you finally pay 1 August. It saves you thousands over the life of the loan to make the first payment.
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