Sherwin T asked:


I bought my house a year ago at a very high interest rate. and I have made all my payments on time every month. But now I am in the process of refinancing my mortgage with my current lender to a lower interest rate. And they said I should close by the end of July. Can I skip July1st mortgage because basically it is only interest. I tried to take out money but the appraisal came in too low. And I need the money to pay several outstanding bills

ORVILLE

5 Responses to “Can I skip this month mortgage if I’m refinancing next month?”

1. zeuz on December 10th, 2009 2:26 pm

   LAZARO

   You can, but you may lose the refinance.

2. charchar on December 12th, 2009 2:10 am

   JEREMY

   Better to ask the new lender. A missed payment, no matter the reason, could show up on your credit report as a late payment and effect your credit score.

3. HEATHER on December 12th, 2009 5:21 pm

   LUCIEN

   This will come to bite you in the **** at closing. Make your current house payment for July…odds are you won’t have to make the first payment under the new refinance until Sept, so you will essentially skip your Aug payment.

4. Mortgage Loan Pro on December 14th, 2009 8:53 am

   CHARLEY

   Essentially, you can do this, but you’ll likely be required to pay a late fee on your current mortgage ($50 bucks or so), which is cheaper than making one more mortgage payment.

   Either way, one of two things will happen. If you make your payment in early July and close on the refi at the end of July, your first payment won’t be due until September, so you’ll skip August’s payment anyway.

   If you don’t make the July payment, you will skip two month’s payments (July and August), and your first payment will still be due in Sept.

   I hope this helps, and don’t lock in unless you can get 5.5% for a 30-yr fixed rate, which is now available.

   Good luck!

5. Fsa on December 17th, 2009 10:29 am

   ALEX

   you will find what you are looking for here, i did:

Leave a Reply

Name (required)

Email Address(required)

Website