l am going to refinance in November to get a lower interest rate. Wo not this mean my new payment will probably start in January so l will get to skip the December payment?I am trying to save money for Christmas so this is really important. When l refnanced before l got to skip two payments.
Bad wording on my part.I am not trying to skip a payment for Christmas so thanks for the stupid ass answer.l would not technically be skipping a payment. l should have asked when will my payments start up after a refinace
Relevantpeople, not a lecture please

Saving money for Christmas is a poor reason to attempt a refi.

Probably new payment will start Jan. 09.

Maybe, but you will still pay that month is interest as part of your closing costs - or it will be rolled into the new loan, which means you will be paying interest on the interest for the life of the new loan.

l would never skip a payment. l try ( even in this very hard times) try to pay extra each month.

If you want to get yourself ahead, you should be making payments more often (bi-weekly) not skipping payments.

What payments u miss during a refinance depends on when the loan funds. And, u r not ever actually skipping a payment. It just seems that way.

Let is say the loan funds on November 1st. The October payment was already made, so u owe no interest at closing (lower closing costs, if any). And, it is likely that ur first payment will be due December 1 (this payment will cover the interest u owe for the month on November.

However, they may say that they can not get the billing done in time for the December bill. So, u would have to pay the entire interest payment for November as closing costs. And, sometimes this is rolled into the principal of the loan.

Now, if the loan funds closer to the 15th of November, u will owe at closing a prorated amount of interest from November 1 to 15 to the previous mortgage company (sometimes this is rolled into the principal of ur loan). And, u owe prorated interest to the new mortgage company for November 16 through the 30th (this is paid as closing costs).

This gets u paid up through November (you paid the interest on the loan for the month of November). Then, when December comes around, u do not have to make a payment, because u only pay for having used the credit - except for the case of paying November 16 through 30 in the closing costs. So, when u make ur first payment in January, you're paying for December is interest.

Bottom line is that u do not actually ''miss'' a payment. You may have a month or so interest rolled into the principal. Or, u may have to come up with a substantially higher amount at closing to cover the ''missed'' payment. But, u do make that payment one way or the other.

No hon,you will have a payment.

l understand what you are saying. Yes, you will usually have one month where you will not have pay. l just refinanced in June and did not make a payment in July.