moises
Apprentice
Joined: 14 Mar 2005
Posts: 2
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 Posted: 01/13/08 - 05:49 Post subject: |
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| Me and my wife have recently got a mortgage to buy a new home. I have heard that making the first payment at the last day of the month helps somewhat and has some financial benefits. However, I am really not sure what to make of it, so if anyone could tell me is there really any difference when I make the first payment, it would be very helpful. Thanks in advance. |
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ennis
Apprentice
Joined: 30 Nov 2004
Posts: 4
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| Posted: 02/11/08 - 23:32 Post subject: |
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| I do not know where did you get that kind of information, but when you make your payment really does not give you any benefits. If you pay your rates regularly, it really does not matter if it is at the beginning or at the end of the month. When it comes to the first mortgage payment, it would be best to settle it as early as you can, for two reasons. First, getting of to a good start is really important for your lender, as he could allow you longer delays if in future you happen to need it. This is only possible if he has trust in you, and the best way to earn it is to pay as early as you can every month. Consider the first payment as the first impression. The second reason is that you will not have trouble projecting your monthly budget if you know just how much you have available for regular costs. Hope you find the information helpful. |
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