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✨ When is the first mortgage payment due?✨
📚 Chapters 📚
00:15 - When is the first mortgage payment due?
00:1:37 - Closing costs
00:1:40 -the next first payment to be expected at the beginning of each following month
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1. Do You Skip a Mortgage Payment When You Refinance?
Some lenders actually advertise the chance to “skip” a mortgage payment when you refinance. But that’s not what’s happening. When you refinance, your new lender gets a mortgage payoff from the old lender. That payoff includes mortgage interest up to the day you close.
So, if you close your refinance on August 28th, your payoff includes interest up to August 28th. Your prepaid interest for the new loan is just two days’ worth, and your first payment is due on October 1. So you don’t make a payment in September, which might seem like you skipped it. But in reality, your closing costs on August 28th included an amount covering most of your September payment.
If you’re really in a bind and want to miss a mortgage payment plus not pay out-of-pocket closing costs, you have a couple of options. The first is to ask the lender for a credit to cover closing costs. Understand that the credit is not free — in order to cover those costs, your lender will charge a higher interest rate. That rate and higher payment will apply for the entire term of your loan. The other method is to wrap your closing costs into your refinance. This also costs you because you pay interest on those extra amounts added to your loan balance.
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