how long after you close on a home is the first mortgage payment due
The common terms of a mortgage loan agreement state that payments are due on the first of the month. So regardless of what day in the month you close after buying your new home, your payment is due on the first. Lenders commonly give you a 15-day grace period to make the payment before being assessed late charges. Avoid going 30 days late on your mortgage payment, as this negatively affects your credit score.