Congratulations, your mortgage loan has been funded and the escrow on your purchase has successfully closed. Once the celebration has ended, oftentimes borrowers find that they were so caught up in the closing process that they do not know how to make their first payment.
While this information is always best to discuss with your mortgage lender before closing, there is no need to worry as the process to make payments is straightforward.
If you need to determine the date of your first mortgage payment and you are unable to reach your loan officer you can always take a look at the mortgage Promissory Note which is included in your final loan closing package. This Promissory Note will explicitly outline when the mortgage payment is due along with the exact dollar amount.
The Promissory Note will also outline where you can send mortgage payments. It is important to note that sometimes this part may not be accurate as your loan servicing is often transferred almost immediately after closing
To know where you should make your payment, keep an eye out for a welcome letter via email from a loan servicer. You will generally receive this within the first 2-3 weeks of the loan closing, however, it can take up to a total of 30 days. This welcome letter will provide you with all of the instructions needed on how to set up an account with that servicer to make your payments. On a side note, it is never a bad idea to set up auto-pay to ensure you never miss a mortgage payment.
You should also be aware that your servicing is likely to transfer multiple times throughout the life of your loan. In fact, servicing transfers can happen as often as once or twice a year. When this does occur you will get both a goodbye letter from your current servicer and a welcome letter from your new servicer.
Overall, making mortgage payments should be an incredibly easy process. If you get within a week of when your 1st payment is due that would be a good time to reach out to your loan officer to find out more details. If you have any questions please feel free to reach out to us at (760) 930-0569.