Quoted:
Quoted: Here's the deal. I just bought a new house on 3/8/06. My intention when I took out the mortgage was to pay it off as soon as our old house sold. The closing on the old house is 3/31/06 and I'll have the funds to pay off the mortgage in a few days after that. So my dilemma is, do I send in the first mortgage payment (due 4/1) and then pay off the mortgage a few days later? Or should not send in the first payment and just wait until around 4/5 and send in the pay-off amount in full?
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Situations like this are exactly what the 'grace period' is for. You're fine waiting.
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I agree. Additionally, this was not the scenario originally presented in this post. I thought you were discussing an ongoing situation of mortgage payments, not a one time scenario.
Lastly - If you took out a mortgage, and you only are keeping it for about 45 days (because of house sale timing) I hope you got a bridge loan, or another short term type loan. Otherwise, I bet you just spent the equivalent of a Barrett .50 on un-necessary loan costs and fees.
All in all, it depends on what kind of counsel you got, and how much risk was on the table.
Congrats on your new house!