Monthly Payments On Mortgage
Ask Kate about making monthly payments on a mortgage: Hi Kate, We are extremely low on cash. I would like to skip the August 1st payment which will be considered late on the 17th. Here's why...
We signed for a HARP refinance after being preapproved on July 22. On the 30th, I received confirmation that it had been sent to underwriting.
In the paperwork I signed, it stated the payoff at July 22nd, as well as the first payment on the new loan due on October 1st. We are scheduled to close by the end of August on the new loan.
I have found online that at the time you qualify, you shouldn't be late on mortgage payments. Does this mean I must make the August payment? Even though we were preapproved?
Kate Answers: Monthly Payments On Mortgage
Dear Mary, The long and short of it is this! If you have a mortgage, error on the side of making a payment.
Otherwise you put your refinance in jeopardy. Being preapproved does not relieve you of the monthly payments on your mortgage.
However! (Nothing's too clear cut in lending, is it!) You should defer to your specific lender's advice because the timing of monthly house payments can be tricky during a refinance.
If the mortgage professional or bank isn't sure, ask the escrow, title company or attorney responsible for closing your refinance process.
And one more tidbit. You really are not skipping a payment. The first month's interest of a new mortgage is tacked onto the end of the loan. That is why your mortgage pay-off exceeds the balance shown on your current monthly statements.
Refinance And Home Affordable Information
Along these same lines, at the bottom of this page I have included links to my refinance articles.
Here is also where you'll find more information on the Home Affordable Refinance Program
(HARP) with questions from Readers followed by my answers.
Click here to comment on making monthly payments on mortgage
.Click here to ask Kate a question
Finding Help You Need for Refinancing
Refinancing Advice - Your opportunity to get down to earth refinance nuts and bolts from a mortgage insider.
Having trouble refinancing your mortgage due to fallen property values? Go to Special Edition Making Home Affordable Options.
USDA Rural Home Loan Refinance with no appraisal, no credit report, and no debt-to-income calculations.
Announcing Kate's Mortgage Information Planner - To save money, get your ducks in a row first.
Are you a homeowner trying to decide if Mortgage Refi is worth the cost?
How To Compare Mortgages - Yes it is enough to make anyone want to toss up their hands.
New! Ask Kate's secret to reducing mortgage refinancing costs. Home buyers should read this too!
Real Estate Investor Loans - Three options for investors.
Surprise, it's a barn! Is a Certificate Of Occupancy necessary for your home mortgage refinance?
Refinance With Cash Out - Where is my loan approval?
Save money using My Special Refinance Formula.
Fresh Refinance Ideas - Reasons why and why not to refinance.
Discover my Secrets To Refinancing based on Robin's story
Low Mortgage Payments For Home Owners - Learn how to ask questions and qualify your lender.
Don't be distracted by refinancing lingo. 10 best kept secrets to Low Mortgage Payments.
A collection of Ask Kate Refinancing Questions and Answers II.
A collection of Ask Kate Refinancing Questions and Answers I.
Click here to comment
on Click here to comment on Monthly Payments On Mortgage. Click here to ask Kate a question
Return to the home page of Get Your Best Mortgage Rate from Monthly Payments On Mortgage
Share Monthly Payments On Mortgage
I depend on your word of mouth! So please help me spread the word about Making Monthly Payments On A Mortgage
with your friends using these easy buttons.