skip a payment: Skipping 2 house payments
- 12/02/11 07:13 AM
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 … (63 comments)
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 … (63 comments)
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