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Refinancing? Don't fall for 'skip the 1st payment' suggestion

7:58 PM, Jan 1, 2013   |    comments
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Do not skip the first payment.

Many lenders will tell borrowers they can skip the first payment, depending on what time of the month the loan closes. However, there is not really any "skip."

That missed payment folds into the loan and borrowers will pay interest on it and perhaps a late fee.

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