Finance
A NH homebuyer's first monthly mortgage payment is due:
AOn the day of closing
BThe first day of the second month following closing (because mortgage interest is paid in arrears)✓ Correct
C30 days after closing
DThe 15th of the first month after closing
Explanation
Mortgage interest is paid in arrears. Closing mid-month means the buyer pays prepaid interest at closing for the remainder of that month, and the first full monthly payment covers the following month — due the first of the second month after closing.
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