In a FHA Streamline Mortgage do you skip a payment?

Posted on Jun 27, 2023 in FHA Information

Preparing for the Home Affordable Refinancing program Apply

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Question by Danny R: In a FHA Streamline Mortgage do you skip a payment?
Ive been told alot of info on this (butalot of conflicting info)…..typically when you refinance a property you skip your next payment. With a FHA Streamline do you skip a payment?

Best answer:

Answer by Dallas D
I have never used the streamline but I have done a lot of loans. You always get a free month that is my understanding even when I refied some properties you skip the first month, dosage that is why I always try to close a deal on the 3 or 4th you can skip almost 2 months.

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One Comment

  1. No. The escrow company collects the mortgage interest thru the end of the month. So you are paid in full thru the 31st. It is the only time in real estate that you pay interest in advance. Then you don’t owe another payment for at least 30 days. But you don’t get anything for free..