Having your lender’s permission to skip a payment may sound nice, especially if you’re on a tight budget, but before you start shifting money around, there are some things you need to know.
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Skip-A-Payment Mortgage Option. Your current mortgage balance, together with the amount of the payments you wish to skip, does not exceed the original amount of your mortgage. You can skip up to four consecutive weekly payments, up to two consecutive bi-weekly or semi-monthly payments, or one monthly payment.
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Elements Financial offers a skip payment feature as follows: I will be allowed to make no payment for one month of my choosing without being considered delinquent on my loan ("skip period"). Interest and finance charges will continue to accrue during the skip period.
· Currently have a 15-year fixed 3.5% mortgage that I’ve been paying ahead on for about a year and a half now – normal monthly payment is around $2,200, and I’ve been paying $2,500. I’ve gotten so far ahead that I no longer even receive a monthly statement from the bank, since the computer sees that nothing is owed on a monthly basis at this point.
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Go from 12 full mortgage payments to 26 half payments in most years, which means you make the equivalent of one full extra mortgage payment per year. The two extra half payments go straight to principal building equity in your home faster so you can pay off your home loan sooner.
Every home loan agreement offers borrowers a grace period for late payments. (Most mortgage payments are due the first day of the month but policies can vary, says Guy Cecala, chief executive and publisher of Inside Mortgage Finance .) Typically, there’s a 15-day grace period,
Fee Payment. The fee for each Skip Request is $30. This fee will be added to your loan balance and will result in additional interest accruing on your loan. The fee and additional interest will also result in larger future payments and a larger total amount of payments on your loan.
Special to the Financial Independence Hub. Skipping a mortgage payment can seem like a good option, especially in an emergency if you don’t have a rainy day fund or savings to dip into. If you lose your job, your car breaks down, or you have any other type of unexpected expense, the option to skip a mortgage payment may look enticing.