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Skipping 2 house payments
This is very interesting mortgage payment information. It is especially valuable to first time home buyers who may be struggling and trying to come up with a down payment.
Skipping a house payment is actually used occasionally as a marketing strategy for refinancing.  It is especially nice around the holidays when extra cash is always needed.  It is pretty common knowledge that a payment is not necessary the month following a new mortgage closing, but there is actually a way to skip 2 payments.  If the refinance is closed by the 15th of January, for example, a homeowner can roll their January payment into the loan by just letting the accumulated interest due for December be added to the payoff.  Since the first payment on the new note is due in March, they skip the February payment.  Voila!  2 payments skipped.
Buyers can also use a similar strategy to time their transaction and minimize the amount of cash needed at closing. If a buyer closes on the loan in the 10th day of the month, we can actually pretend (from the pro-rated interest aspect at least) that it closed at the end of the previous month.  The mortgage company actually gives the buyer an interest credit from the 1st to whenever ... more

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