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The First Payment Letter is provided by your lender when you close your mortgage and notes the amount of your monthly mortgage payment, when the payment is due and where to send the payment. The letter also outlines if you are required to pay homeowners insurance, property tax and mortgage insurance into an escrow or impound account along with your monthly loan payment. If you are not required to pay impounds, then these items should be left blank on the First Payment Letter.
It is important to review the First Payment Letter when your sign your loan documents so that you know when your payment is due and how much you owe. The last thing you want is to be late with your first mortgage payment or remit the wrong amount. Even if you plan to have your monthly payment automatically deducted using direct deposit, be sure to read this document to verify that your payment amount and information are accurate. Please note that this is an example First Payment Letter document that should be used for informational purposes only.