Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Level up your investing with Pro
Explore exclusive tools and resources to start, grow, or optimize your portfolio.
10+ investment analysis calculators
$1,000+/yr savings on landlord software
Lawyer-reviewed lease forms (annual only)
Unlimited access to the Forums

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Followed Discussions Followed Categories Followed People Followed Locations
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

Account Closed
  • Realtor
  • Columbus, OH
15
Votes |
18
Posts

Loan Servicing Question: Skipping a payment during a refinance

Account Closed
  • Realtor
  • Columbus, OH
Posted

Hello all,

I am in the middle of a refinance right now.  For reference, I usually pay my mortgage on the first and was planning to make my payment per usual on May 1st.

Since I am scheduled to close on May 7th and I technically do not have to pay until the 10th, am I okay to schedule my payment on May 10th and basically skip this payment with my old lender once I close on the 7th?  Will this impact anything with my refinance through a different or is this a somewhat normal practice?

I would essentially skip May as I close the new refinance before the grace period is over, then I will also get to skip a payment in June with my new lender.  I would then make my new payment on July 1st.

Any insights?  I sure don't want to screw anything up with my refinance.

Thanks in advance!

Loading replies...