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When exchanging contracts on a new house, when do you start paying the mortgage?

Is it from the date you exchange contracts or from when the house is complete and you move in?

Public Comments

1. whenever i have bought a new house the mortgage usually started roughly 1 month after the contracts were exchanged.
2. From when the people who are lending the money lend it to whoever is selling the house, so I would have thought that would be from date of exchange but ask your Mortgage provider as they will tell you and may be able to delay the start of payments.
3. The first payment date is calculated based on the closing date. ex. Close before the 15th of the month, and you should pay your first payment on the 1st (or otherwise designated day) of the following month. If you close after the 15th you will usually make your first payment a month later - - as long as 45 days later. The lender and closing company just prorate the interest on the loan and charge that at closing.
4. I'm assuming this is a new construction house, and is still in the process of being built. Generally, you will have to pay a deposit to the builder in order for them to hold the property for you. Once the house is complete and you have completed walk throughs, home inspections, etc... you will sign all of mortgage paperwork. Once all of the paperwork is complete you take possession of the house, and begin paying mortgage. As to when your first monthly payment is due, it depends on what day of the month you signed the mortgage. If you signed before the 15th then your payment will be due the first day of the next month. If you signed after the 15th then your payment will be due on the first day of second month. The day you sign your mortgage will also effect the amount of closing cost since you have to pay all the interest between the signing day and when your first payment is scheduled. Hope this helps.