Mortgage Payment Setup After Closing

Introduction

After closing, your loan is boarded with the servicer and you need to set up how you will make payments. Most servicers offer online access, automatic payments, and other options. Setting this up early helps you avoid missing your first payment.

When You Can Set Up Payments

Your loan must be boarded (added to the servicer's system) before you can set up payments. This typically happens within a few days to two weeks of closing. Your welcome letter or first statement will include a link to register for online access and set up payment options.

Payment Options

• Online — Log in to the servicer's website and make a one-time payment or set up recurring payments
• Automatic debit — Authorize the servicer to withdraw the payment from your bank account each month
• Check or money order — Mail a check to the address on your statement
• Phone — Some servicers allow payments by phone

Automatic payments can help you avoid late fees. Ensure you have sufficient funds before the payment date. See What Is a Mortgage Payment?

Your First Payment

Your first payment is typically due the month after the month in which you closed. The Closing Disclosure shows your first payment date. Set a reminder or enroll in autopay before that date. Missing the first payment can result in late fees and may affect your credit.

Frequently Asked Questions

When can I set up my mortgage payment?

You can typically set up payments once your loan is boarded with the servicer—usually within a few days to a couple of weeks of closing. Your welcome letter or first statement will include instructions and a link to register for online access.

Should I set up automatic payments?

Automatic payments can help you avoid missing a due date. Many servicers offer autopay, and some may offer a small rate discount for enrolling. Ensure you have sufficient funds in your account before the payment date.

When is my first payment due?

Your first payment is typically due the month after the month in which you closed. For example, a March closing often means a May 1 first payment. Your Closing Disclosure and welcome letter will specify the exact date.

What if I do not receive a welcome letter?

Contact your servicer. Your Closing Disclosure shows who your servicer is. You can also find your servicer by checking the Mortgage Electronic Registration Systems (MERS) or by contacting your lender.