Unlike rent, which is paid one month in advance, a mortgage payment is made in arrears which means that each mortgage payment covers principal repayment and mortgage interest for the month preceding the payment due date.
After closing, your first mortgage payment comes due one full month after the last day of the month in which your mortgage closed. For example if you close on June 16,2015, your first mortgage payment is due on August 1. At closing you will be paying the accrued interest from the date you close,June 16th to the last day of that month or June 30th.
Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate. We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.
At bradfordmillerlaw.com you will find information about our firm along with helpful real estate information. Give us a call at 312-238-9298 for a FREE 15-minute consultation to discuss your pending or potential real estate transaction.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
Offering free legal representation to homeowners seeking a short sale
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