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Mortgage Question
Posted on 9/6/11 at 8:08 pm
Posted on 9/6/11 at 8:08 pm
We are selling our home this month. We should close around the 20th. Do we need to pay our mortgage payment that is due on the 16th?
I would like to pocket that cash, but we dont know the correct procedure.
TIA
I would like to pocket that cash, but we dont know the correct procedure.
TIA
5
Posted on 9/6/11 at 8:13 pm to bamanmemphis
If you are getting a check on the 20th I wouldnt pay.
Posted on 9/6/11 at 8:33 pm to diat150
Pay it, if the closing gets delayed your are screwed. In reality it will just change the amount you get at closing, really just a wash. Pay it now so when they call to get your payoff everything will be correct
Posted on 9/6/11 at 8:37 pm to diat150
Yes we are getting a check at closing.
Posted on 9/6/11 at 10:29 pm to bamanmemphis
Is it an FHA loan? If it is then it doesn't matter what day of the month you close (and pay it off) b/c you will pay for interest through the end of the month anyway... IE if you pay it off on the 5th, then you will pay interest through the last day of the month even though the loan was paid off long before then.
LINK
LINK
Posted on 9/6/11 at 10:31 pm to bamanmemphis
quote:
I would like to pocket that cash, but we dont know the correct procedure.
Pocket what cash? You'd have to pay the interest you owe anyway. And any principle you paid you'd get back via the payoff (or overpayment).
Posted on 9/7/11 at 12:27 pm to bamanmemphis
I would think that it will be pro rated for the time you are in your old home.
Posted on 9/7/11 at 2:03 pm to hobart65
quote:
I would think that it will be pro rated for the time you are in your old home.
It is prorated to/from the payoff date unless it's an FHA loan.
Posted on 9/7/11 at 5:10 pm to bamanmemphis
Had a similar situation when we sold our house. Real estate agent told me to continue to make my payments on mortgage and insurances. For 1) in case the closing is delayed and 2) any over payment will be reimbursed to you at a later date.
We closed on time so that was not a problem and sure enough about a month or two after we closed I got a check from my insurance company and my mortgage company.
The way this market is and the way banks are acting I would do nothing to risk a closing date.
Pay it.
We closed on time so that was not a problem and sure enough about a month or two after we closed I got a check from my insurance company and my mortgage company.
The way this market is and the way banks are acting I would do nothing to risk a closing date.
Pay it.
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