How can you keep your rental and mortgage payments from overlapping during this transition?
Want to Buy a Home? Search All Homes
Want to Sell a Home? Get a Home Value Report
When the time comes to transition from renting into homeownership, how do you ensure that your rental payments and your mortgage payments don’t overlap?
Let’s say you’re looking to purchase a home and your lease ends in August. If this were the case, I would recommend that you buy a home at some point in July. By doing this, your first mortgage payment wouldn’t be due until September. This is because mortgage payments always begin a full month after you’ve made your purchase.
“
Mortgage payments always begin a full month
after you’ve made your purchase.”
As a final note, always wait to give your landlord notice of your move until you’ve successfully gotten through the inspection and appraisal process with your new home.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.