How do I make my first payment

Making Your
First Mortgage
Payment

As exciting as it is to finally move into a new home, it’s not uncommon to feel slightly confused about your first mortgage payment. For example, when exactly is the first mortgage payment due? How much will it be? And how do you even make the payment?

Having so many questions can be stressful, but luckily, the Veritas Funding Team is here to help.

When Is Your First Mortgage Payment Due?

Unlike rent, where each payment is made in advance for the following month, a home loan is paid in arrears, meaning you pay for each (full) month after the fact. Because of this, your first payment may be due later than you anticipate. While it’s best to verify your specific payment date with your Loan Officer, the general rule of thumb is that your first mortgage payment will be due on the first day of the second month after closing. For example, if you bought a home and closed on it on July 10th, your first mortgage payment would usually be due on September 1st.

How Much Will Your First Mortgage Payment Be?

Obviously, the best way to confirm the amount of your first mortgage payment is to ask your Loan Officer, but generally speaking, you might want to prepare for it to be slightly higher than you expect. Typically, each of your mortgage payments will include the previous month’s principal, interest, taxes and insurance, but let’s consider the example we used above. If you closed on your home on July 10th, almost 8 weeks would pass before you have to make your first payment on September 1st. Because of this, you would owe significantly more than the typical 30 days’ worth of interest, making your first payment noticeably higher than the rest. This is perfectly normal, but again, don’t be afraid to contact your Lending Team if you have any questions.

How Do You Make Your First Mortgage Payment?

To keep things simple, most homebuyers that work with Veritas Funding make their mortgage payments online. However, the answer to everyone’s next question, “what website do I make my payment on?” is slightly more complicated. Here at Veritas Funding, we only offer interim servicing, which means we eventually sell your loan to a permanent servicer. So using the same example as above, if you closed on July 10th and Veritas Funding sold your loan on August 20th (or on any date before September 1st), you would make your first payment to your new servicer on their website. However, if Veritas Funding didn’t sell your loan before your first payment was due, you would make your first payment through Veritas Funding. Your Loan Officer should provide regular updates on the status of your loan along with specific instructions for your situation, but if you’re still confused or unsure about making your first payment, give them a call.

Although most homeowners feel at least some uncertainty surrounding their first mortgage payment, working with the right lender can make all the difference. Every loan might be different, but every Veritas Funding Loan Officer is dedicated to walking you through each and every step, answering all of your questions, and providing you with the best home buying experience possible.

If you’re already working with a Veritas Funding Loan Officer and need help contacting them about your first payment, click here.

If you haven’t begun the loan process yet but are interested in starting, click here to learn more about some of the types of mortgages we offer, here to learn more about the talented Loan Officers we have here at Veritas Funding, or here to submit an official loan application.