Congratulations you bought a house! Here is what you need to know about making your monthly payments.  The good news is although the payment is due on the 1st you can make your house payment anytime from the 1st of the month to the 15th of the month without any penalty.  If you pay after the 15th a late fee will be assessed but will not effect your credit.  However, paying after 30 days will destroy your credit.  So be sure to stay on top of your monthly payments.

How much money do have to put down on a home?  How much money do you feel comfortable paying every month on your new home?  The answers to these questions will fundamentally refine your house hunting process and put you in a positive position as you move forward.

Once you get that down payment secured on your home the rest of your mortgage obligation relies on your payments. Depending on your loan that is the next 15 or 30 years of your life. Determining a monthly payment that is appropriate to your lifestyle is the first step to long term enjoyment of homeownership.  

So be sure to know

• What payments you a comfortable paying every month
• What is included in your mortgage payment
• When you need to make those payments without additional fees
• When a late payment will negatively effect your credit

Making mortgage payments on time, correctly and consistently are the basics. To dive in a little deeper about  determining monthly payment watch the video Your Home Buying Goals part of our video series 6 steps to mortgage pre-approval.