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No, as long as the loan will close this month and you will not be over 30 days late, there is no point in paying it. Your payoff will be good thru the date you close the loan. You will not get any interest back if you pay it.

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Q: You will close on your refinance in 8 days and you have not paid this months mortgage Should you pay it Payment was due on the first and it is not the 13th The refinance will close on the 20th.?
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How does a 30-day late payment on a mortgage affect your credit?

If you are trying to refinance your mortgage... it will affect the interest rate. (it will be higher) It will haunt you for at least 12 - 24 months.


What can you do if your mortgage payment is 2 months late?

call the mortgage holder and make payment arrangements


Can you sell your house that you have only owned for one year?

Working as a mortgage loan officer for close to 20 years, typically selling the house you have purchased one year ago, with a high loan to value, will result in you taking a loss after paying realtor fees and other expenses. You should be able to still sell! However, if you have what is known as a hard pre-payment penalty in your note rider or mortgage, there will be the expense paid to the lender to pay off the mortgage early. This can range from 1% of the mortgage balance to up to 6 months worth of interest. If you have a soft pre-payment penalty, the lender does not charge you this penalty for selling the house, only if you refinance for different terms. Check your Mortgage and your Mortgage Note and if applicable, the Mortgage Note Rider. These documents should have been given to you at closing.


What is a monthly mortgage payment?

A Monthly Mortgage payment, would be the repayment of a loan taken with a bank or lending firm, when buying a house or property. For example, if you borrowed $250,000 to buy a house, with an interest rate of 3%. The estimated monthly mortgage payment would be 1,054.01 per month, for 360 months.


How soon can a mortgage be refinanced?

You can refinance your mortgage anytime you want to. There is no minimum time before you can refinance. That being said, you do need to be aware of any "prepayment penalties" or clauses. Some loans ( especially sub prime ) will have a prepayment penalty. If you refinance your existing loan before that pre payment period is over then you have to pay the prepayment penalty. These penalties can be as much as six months worth of interest. Check your original note to see if you have this penalty. If you do have a PPP then you need to weight the financial benefits of refinancing against the penalty. There are some cases where such a transaction still makes sense.

Related questions

How does a 30-day late payment on a mortgage affect your credit?

If you are trying to refinance your mortgage... it will affect the interest rate. (it will be higher) It will haunt you for at least 12 - 24 months.


When You Should Use A Refinance Calculator?

Many consumers struggle with knowing the best time for them to refinance their loans. Using a refinance calculator about every six months can help you decide if refinancing is in your best interest. It is a good idea to refinance a mortgage or auto loan if the interest rate you will be charged is significantly lower than your current rate. Refinancing helps to lower your monthly payment, but people are often charged fees when they refinance, so it should not be done unless the payment will be significantly lower after any fees are paid.


What can you do if your mortgage payment is 2 months late?

call the mortgage holder and make payment arrangements


I am told by my bank that in Texas you can't refinance a loan until you have lived in your house for 12 months. I have a conventional loan. Is this true?

If this is your first mortgage or you just refinanced, the mortgage note can have a statement within that states you cannot refinance in the first 12 months of when you got the loan.


Can my mortgage lender refuse a payment because it is not for the full amount owed?

i am two months behind on my mortgage. can the lender refuse to take one payment?


Refinance Interest Savings?

Refinance Interest Savings How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. This will determine how much interest refinancing can save you. In addition, it will calculate the number of months to breakeven on closing costs with your reduced monthly payment. Click the "View Report" button for a detailed look at the results.


What can you do if you have been in chapter 13 for 18 months and you need to refinance because the payments are killing you?

Depending on several factors, a mortgage broker may be able to assist you with this. Mainly how much you currently owe, how much your fixed income is, and how your payment history has been on your bankruptcy the last 12 months.


Can you sell your house that you have only owned for one year?

Working as a mortgage loan officer for close to 20 years, typically selling the house you have purchased one year ago, with a high loan to value, will result in you taking a loss after paying realtor fees and other expenses. You should be able to still sell! However, if you have what is known as a hard pre-payment penalty in your note rider or mortgage, there will be the expense paid to the lender to pay off the mortgage early. This can range from 1% of the mortgage balance to up to 6 months worth of interest. If you have a soft pre-payment penalty, the lender does not charge you this penalty for selling the house, only if you refinance for different terms. Check your Mortgage and your Mortgage Note and if applicable, the Mortgage Note Rider. These documents should have been given to you at closing.


What if reverse mortgage holder gets married?

The marriage is no problem, however the new spouse is not protected in the reverse mortgage unless a refinance is done into both of their names. As a result if the borrower passes away the new spouse will have 6 months to sell the property or refinance it... or to turn it over to the lender.


Can you sign quitclaim deed if you still owe mortgage company?

Quitclaim deeds do not release the person quitting claim from their obligations under a mortgage, although a quit claim deed is a step in the right direction. In order to remove the party who quits claim from the mortgage, you must refinance the mortgage in the name of the party to whom title or interest in the property has been conveyed. The credit scores, income and assets of the party quitting claim can no longer be used for the mortgage, and this has traditionally meant trouble for borrowers seeking to refinance to remove the party who quit claim. Quit Claim deed refinancing can be a complex situation, which requires sensitivity and specific expertise in handling refinance transactions pursuant to quit claim deeds.If you have received property or plan to receive property through the execution of a quit claim deed, for example in case of divorce, the only way to finalize ownership of property and mortgage in your own name is to refinance the mortgage once the property is deeded to you, however the overwhelming majority of lenders will not allow you to refinance property unless you have been on title to the property for at least 12 months..


What are the requirements for the HARP mortgage program?

You can go to the Harp-mortgage website. Common requirements for Harp mortgage program include that the mortgage you currently have is a Fannie Mae or Freddie Mac Mortgage. Also that you can afford the new projected payment and that the new projected payment is lower than your current payment. You also can not have any late payments made on your current loan in the last 12 months.


What is a monthly mortgage payment?

A Monthly Mortgage payment, would be the repayment of a loan taken with a bank or lending firm, when buying a house or property. For example, if you borrowed $250,000 to buy a house, with an interest rate of 3%. The estimated monthly mortgage payment would be 1,054.01 per month, for 360 months.