Buying Tip: If you purchase a home with financing in the begining of a month then your first payment will be the following month. For example if you close July 1st your first payment would be August 1st. If you purchase a home around the middle of the month then your first payment would be 1.5 months later. For example if you close on a home June 17th then your first payment would be August 1st. I figured this would be helpful information for budgeting.