Personal Residence Mortgage Transfer

[Evan Jacobs]

Hello everybody, Just starting out on BP and starting to lay some groundwork internally to enter REI. That being said, my primary mission right now is saving capital, increasing liquidity and lowering personal overhead. I just refinanced out of the FHA loan on my house into a conventional in July. Decided to do this as a long term fix to get out of PMI faster so I'm saving less than $100 a month now. I'm still waiting to make my first payment on the refinance which should be for September 1. I've already gotten to skip my August payment so that will go far into recouping my closing costs. My mortgage has since been transferred to another company before I could make my first payment. I keep reading that there is a 60 day grace period for late payments once the transfer has been made. My thought is that I have one, maybe even two payments that will come in that grace period. This may be best answered by a lender or mortgage broker but should I take advantage of this grace period and pocket the money I would have paid in that period? I don't want to negatively affect my credit or get into a hole but I would like an additional $2000-4000 in the bank to get started on my first deal. Any answers or advice on this would be greatly appreciated! Thanks! Evan