Monthly Payments On Mortgage

by Mary
(Florida USA)

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...

Mary continues... 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

Ask Kate at
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.

Best Wishes,

Ask Kate

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A collection of Ask Kate Refinancing Questions and Answers II.

A collection of Ask Kate Refinancing Questions and Answers I.

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