Thursday, January 10, 2013

Serves me right....

Earlier this week there were rumblings that we may be closing on February 1st.  In the back of my mind I was thinking, "but how could this be?!, we've always been told the middle of February!!".  I took it with a grain of salt because so many different people have said many different dates, this was just another to add to the list.

Well, today I got confirmation that, barring any weird stuff going on, we WILL be closing on February 1st!

I'm excited and terrified all at the same time.  THAT IS 3 WEEKS FROM NOW!!!

We can't have our first mortgage payment until April because we REALLY don't want to pay both rent and mortgage together in March.  But because its the 1st -5th of the month, they typically offer interest credit to close during that time, making the first payment the following month.  If we decline the interest credit, we will have our first payment in April, however we will still have to pay the entire month of interest at closing which we were not planning for.

Remember last week when I had a minor freak out about the granite?  Well right now, this is a bonafide, real life, Cami Kotwicki freak-the-smurf-out situation.

Did I say I was excited?! I AM VERY EXCITED!  But I fear we may have to push back closing to accommodate our budget.  :(



  1. Yay! Congrats on getting your closing date! I hope the mortgage payment stuff will work out so you don't have to push back closing! *fingers crossed*

    I'm not really sure how that'll work for us... no one has told us when our first mortgage payment will be due, but we will probably have one month where we are paying for everything at the apartment and everything at the house. It sucks, but luckily we've saved up for that just in case.

  2. Thanks M!!

    I've done a ton of research and it seems that the 1st-5th rule is common across all types of loans. SO since you are closing next week (after the 5th) your first mortgage payment should be March 1st since it skips a month (unless you close 1st-5th).

    I confirmed it with my Loan Officer so i am sure he/she will be able to give you the low down.

    1. Thanks! We may end up with somewhat staggered payments if our first mortgage payment isn't due until March 1st.

    2. Excellent! I hope it works out for you so your savings account remains a little bulkier. :)

    3. Cami, this is great research on your part. I know they typically allow you to jump over a month because most of it is being paid at settlement. At least this is what I always thought it to be--i could be very wrong. I appreciate the clarity around the payment dates. GREAT JOB!! I love the support this community provides--it's awesome!