Do lenders tend to ake the 1st months mortgage payment in advance or arrears??? help!

PrincessJR

Hi,

We have just had our contracts through to sign and are trying to consider the best date to move. As it is the 9th today, we obviously cannot afford to say we will move in next week, if it means our 1st mortgage pyment will be for nearly 2 months (i.e. a payment in advance). However, could we ask that ourpayment date be the 28th of each month and then just pay for 2 weeks at the end of oct, then for 1 month at the end of nov?

How does it work? (its our 1st house you may have gathered!)

Thanks guys

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homer_j_3

who is your lender?

PrincessJR

vanguard are our lenders

homer_j_3

I would call them to ask - not sure how they do it. Most will take the first payment on the the 1st of the following month and will include or expect you to pay the money for the days prior to this from completion.