I cover how you make mortgage payments and why some are skipped.
Today I'll go over this common question that every loan officer gets asked: "When is my first payment due?" If the borrower is refinancing their current loan, the version of the question may be: "Do I get to skip one or two payments with my new loan?"
Feel free to watch the full message above, or use these timestamps that will direct you to various points in the video.
0:00 - Introducing today's topic
0:25 - How you make your mortgage payment and how a new loan changes things
1:05 - An example of prepaid interest to avoid a partial payment
2:00 - You have options if you're refinancing
2:50 - You can skip two payments, but it's not a free ride
4:00 - An example of skipping two payments
5:00 - Talk with your lender to learn more
5:15 - Wrapping up
If you have any questions, don't hesitate to reach out to me by phone or email. I look forward to hearing from you and connecting you with a mortgage professional.