We were advised to have a mortgage payment ready at closing for the following month. All paperwork states that payment starts in June for 360 months, etc., Why would "they" state to have a pymt. ready at closing?
Mortgage Broker or Lender, Valley City, OH
The lender that you are going through for your Streamline has decided to have you bring a payment to the closing table to keep your loan amount lower than if you were to "skip" a payment. Two reasons to do it this way is 1.) to keep the monthly payment approximately $5 lower per month rather than finance 1 monthly payment for 30 years, or 2.) the loan amount is already maxed out which will force you to bring the next payment to the closing table in order to make the Streamline possible. I hope this helps!