Is a monthly pymt. skipped when doing streamline?

Asked by D. Van Scoy, Dayton, OH Wed Apr 8, 2009

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?

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, ,
Wed Apr 8, 2009
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!
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Mike B, , Raritan, NJ
Wed Apr 8, 2009
You need to have a payment ready at closing to pay for the accrued interest through the month. You payoff equals your balance + daily accrued interest.

Hope that heps.
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