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  1. Mortgage Porter
    Apr 06 - 6:21 pm

    If you are paying of an FHA mortgage, some lenders are not prorating the interest for your payoff–IE you’re not skipping payments (you never are)… but in this case, you could be paying DOUBLE. Check with the escrow/closing company to see if your payoff will prorated. If the lender does not prorate the interest, you’ll want to close towards the end of the month or your paying twice. NO savings.

  2. i need help
    Apr 06 - 6:07 pm

    I know this was posted over a year ago, but I am just doing some research, as we are in the process of refinancing.

    We are aware that we will be able to “skip” a payment, but our mortgage lender mentioned that if we wanted to pay the late fee, we could possibly skip two. She didn’t seem to be pushing it or anything, just mentioned it when we brought up how excited we were to have a mortgage free month for the first time in 9 years. We do have an FHA and you mentioned that this could be pricey in that situation. Would that interest be an additional line item on our closing costs. An amount obviously not included in our Good Faith Estimate? Our mortgage is pretty small, so maybe it isn’t such a bad idea. Would that amount be added to the loan, or would we be writing a check at closing. Thanks for any feedback in advance.

  3. Rich Casto
    Jul 20 - 6:08 am

    Hi Rhonda!
    I found your website on a Google search and I have a quick question for you. I need some advice. Here are the specifics.

    Current MTG Loan balance is $161,927.28 with 28.5 years left at 5.5%
    My TOTAL payment a month including taxes, etc. is $1278.

    Proposed FHA Streamline Refi is for $167,779 for 25 years @ 5.0%
    My TOTAL payment a month including taxes, etc. would be around $1290.

    Out of pocket Expense $0.


    We plan on being there another 7-10 years.

    If we do this, there is talk of the double Mtg skip, and a refund of MIP.

    I know they aren’t really skipping, nor the refund an actual refund, because the total loan amount is more than my current balance, kind of a wash. But there is still about a $1700 difference.

    I could really use the $ to payoff a few things, even though I’m really rolling it into the new loan.

    Is this really that bad of a deal?
    Any advice or counsel is much appreciated!



  4. Mortgage Porter
    Jul 20 - 9:35 pm

    Hi Rich,
    I’m actually working on a post to reply to you. I’ll link it here when I’m done. You’re question isn’t really quick. 😉

  5. Rich Casto
    Jul 21 - 7:47 am

    I greatly appreciate it! Thanks very much! I am very curious.

  6. Mortgage Porter
    Jul 24 - 9:34 am

    Rich, here is the post: /2009/07/question-should-i-refi.html

  7. […]  Remember when you bought or refinanced your home and the loan originator stated "you're going to skip one month's payment" or "you won't have another payment due until the following month after closing"?  Well this […]

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