Because interest is always paid in arrears on first mortgages, a refinance lets you to skip one payment but can actual create a situation where you can skip two months’ payments and not suffer any.
Having your lender’s permission to skip a payment may sound nice, especially if you’re on a tight budget, but before you start shifting money around, there are some things you need to know.
Skipped payments do not need to be consecutive, so long as they do not exceed the equivalent of 1 monthly payment per calendar year or cross over the calendar year end Payment Frequency Monthly Mortgage Payment Equivalent
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Skipping one mortgage payment is pretty standard. For example, if your refinance closes on October 10th, you wouldn’t have to make your next mortgage payment until December 1st because mortgages are paid in arrears.
If you decide to skip a payment, it simply means you won’t be making one of your regular mortgage payments (principal + interest). When you skip a payment, not only do you miss the opportunity to pay down your mortgage balance, the interest is still charged and added to your mortgage balance.
And the skipped payment will just be added to the end of the loan, the date of which you’ve already moved up substantially, it appears. They’ll probably double up on escrow with the next payment or you might be far enough ahead to miss a month as some escrows have a bit of float built in.
You must hold a loan for at least 12 months before it is eligible for the skip request, and it must have a minimum monthly payment of $100. In addition, all your Elements credit union accounts must be in good standing. Once you have exercised Skip a Payment on a loan, that loan may be eligible again in 12 months.
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