http skip payment when refinancing mortgage com Account Portal Instructions Help Guide

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Can I skip a mortgage payment when I Close my refinance?

For example, if you close your refinance on June 15th, your first payment is not due until August 1st. So while no interest is skipped, you effectively went the month of July without a mortgage payment. When you close your refinance, and your payment for that month is still outstanding, you do not have to make that mortgage payment.

What happens when you refinance a mortgage in July?

When you refinance, you typically don’t make a mortgage payment on the first of the month immediately after closing. Your first payment is due the next month. In a refinance, your original loan is paid off at closing. If you close July 15, you will have already made your July mortgage payment.

When do you make your first mortgage payment after refinancing?

When you refinance, you typically don’t make a mortgage payment on the first of the month immediately after closing. Your first payment is due the next month. In a refinance, your original loan is paid off at closing.

What is a “skipping” payment?

Here is how “skipping” payments works: When you make your mortgage payment, you are actually paying the interest that accumulated during the previous month. For example, when you pay your mortgage in August, you are paying the interest that accumulated during July.

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