should i pay mortgage when i am refiancing and am going to close in a few days?

Question

My husband and I are closing on our refinance in about a week but our current mortgage is due in like 2 days. I just dont know if I should pay if iam not going to be with company in a few days and have a new mortgage payment. I want to be responsable but I cant pay 2 mortgages in one month if it pans out that way. what would you do

Answer 1

As long as the mortgage is not coming anywhere close to being 30 days late and you are closing within a couple of days a payment is not required. If you do decide to make a payment and you are this close to closing, most likely this payment will not be reflected in your payoff statement and it could take up to 6-8 weeks to get this money refunded to you. Therefore, it is a personal call on this question. Definitely don't do anything to jeopardize your credit and never listen to anyone who tells you it doesn't matter at all, especially if you could end up 30 days late. Good luck

Answer 2

ABSOLUTELY pay before it is late...
You will not have to make two payments.

The old lender gets paid every penny that they are owed, either from you OR through escrow. If it gets paid through escrow after it is late, YOU will be paying a late charge too.

Either way YOU WILL PAY IT.

If your refi is closing "in a few days" you will not have a payment to your new lender until September. Didn't they explain this to you ? Have you seen your HUD closing statement yet ??

Most people who get loans get screwed in both rate and fee.
Based on your statements, you are obviously dealing with someone who hasn't explained your loan to you.
A LOAN SHARK!~ ??

You may be getting a terrible loan. Many mortgage people are like leeches when they get clients that don't understand their loan. It's very sad. They overcharge you and you pay it.

Find an honest mortgage consultant who will explain your options to you.

If you want help send an email to [e-mail] with your situation, phone number and credit scores, they will answer within a day or two.

This is the biggest financial transaction in most people's lives, and most people haven't got a clue what they are doing. GET HELP before you sign. Get an honest 2nd opinion. Maybe your loan is fine!~

Answer 3

talk to the refinance company... they will tell you if they have verified payoff. Most mortgage companies have a 10 day grace period with no late charges. You should not have a payment due with the new company for 30-45 days.. check with them.

My mortgage is due on the 2nd of the month, but I don't incur late fees until the 12th.

Answer 4

Is this the due date or the late date? If it is the due date, letting it slide a week isn't a big deal. If it is late, pay now. Either way, the refi will adjust for the payment or non-payment and you should not have two payments to make this month. If you are this concerned, call the refi company and get their advice.

Answer 5

CommonSense is correct- if you are closing in "about a week" then your first payment on your new loan will be due September first. Pay your current payment before it's late- although it won't show as a late payment on your credit report unless it is 30 days late, you will incur a late payment fee if you aren't on time.

Answer 6

YES! Your closing documents and costs are based upon your making the payment when it was due, even if it was due the day prior to closing on the new loan.

Answer 7

YES! always pay your mortgage. Best of luck.

Answer 8

Yes, it will be taken into account before you actually close on your refinance.

Answer 9

yes u have to pay