Question

 What is the definition of a mortgage payment?

Answer A mortgage payment is a monthly amount paid to a lending institution to pay off the debt incurred in the purchase of a home. The mortgage is a lien against the home. The home itself is the collater... Read More »
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Top Q&A For: What is the definition of a mortgage payment

When is the first payment due on an FHA mortgage?

The first payment due on a Federal Housing Administration (FHA) mortgage is due the first full month after the closing date. Payment on interest for mortgages is paid in arrears, after it is earned... Read More »
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When will I have to pay my first mortgage payment?

When paying closing costs, you are usually required to pay the remaining interest for the month of closing. Your mortgage payment will then normally cover the previous month and therefore won't be ... Read More »
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When is your first mortgage payment due?

The first mortgage payment is due the second month after the date of closing. For example, closing on the 16th of September would make the first payment due on November 1st.Source:"The Unofficial G... Read More »
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What should your mortgage payment be?

On One Hand: 25 Percent of Your Budget.Many mortgage loan officers and lenders suggest that borrowers never borrow more than 25 percent of their monthly pre-tax income to purchase a residence. Havi... Read More »
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