Second Mortgage Rates
If I close my new home on 26 November, my first mortgage payment will be January 1?
On an FHA loan, it means that I have to pay interest for November 26-30 at closing time, so my first mortgage payment on 1 January? I'd rather not have an FHA loan, but if I make a conventional loan, I will get 100% funded, with 2 mortgage finance 80% share and 20% part separately. (I do not have 20% down payment) From what loan officers tell me that the interest rate for a second mortgage is at least 9% right now, so I will save more with an FHA loan than conventional ones, even after paying PMI. I dislike escrow accounts, but oh well …. what was my question … yeah, 1st mortgage payment due in January?
Your first PMT falls in Jan. You will only pay interest through the end of November with Mortgages, interest is paid one month behind, so when you pay your mortg in Jan, would you pay for the December interest