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Skip mortgage payment

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Grace Whitney Guest	Posted: Tue Jul 05, 2011 12:21 am    Post subject: Skip mortgage payment Like 0 Dislike 0 Hello there. I have taken out a mortgage recently and am due for the first payments. However, my lender has given me an option to skip my first payment. I want to do this as it would help our cash flow. Will it be a good option to skip the first mortgage payment? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Tue Jul 05, 2011 1:49 am    Post subject: Like 0 Dislike 0 As far as I know, the option of missing the first payment is not a very good option.The interest that you do not pay for the month will be added to the loan. The borrower, i.e. you, will be liable for paying the interest on that amount for the life of the loan. Thus, your interest payments will get increased. _________________ Good is the Enemy of Great.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Jul 05, 2011 5:15 am    Post subject: Like 0 Dislike 0 Grace, there must have been a deeper explanation given to you about this skipping of your first payment. Have you any details in that regard? Obviously, that'll benefit you in making this decision. I can't disagree with Niicss' assessment of the situation - that it'll cost you additional interest over time, which is counter-productive in the long run. Nevertheless, I see your point in seeking a benefit to your cash flow. Get more information from the lender if you need to and use that to make your decision. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
Grace Whitney Guest	Posted: Tue Jul 05, 2011 9:02 pm    Post subject: Like 0 Dislike 0 Thank you George and Niicss! I will definitely have a word with my lender.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Sat Jul 09, 2011 10:45 am    Post subject: Like 0 Dislike 0 You're most welcome, Grace. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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