Do you really skip a payment when you purchase or refi?

 

 

Do you really skip a payment – yes & no!

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Mortgages are already complicated enough.  It is so important that the industry communicates with transparency – and sometimes we don’t.  That is my pet peeve.

Here is the truth on skipping payments when you refinance or buy a new home.

Mike Nelson - AFN

It will feel and cash flow like the buyer has skipped a payment.  But the truth, is all payments are accounted for when the loan goes to term.  Or all to date principle and interest  is accounted for if the loan is refinanced/sold.  

Yes, there is certainly a benefit to positive cash flow associated with the month following a purchase or refinance.  Just remember that all to date payments will be due at some point downstream in the loan.

Click on my YouTube above for more information.

As always call, text, email, or schedule an appointment.

Happy House Hunting!

Mike
On Line Application – Apply Here
mnelson@efficientlending.net
720.213.6260 (voice & text)
Website
Nest.me
@michaelfnelson2
NMLS: 1314188
Licensed in:
CaliforniaColoradoFlorida

 

Mike Nelson - AFN

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