{"id":13092,"date":"2022-11-24T13:00:00","date_gmt":"2022-11-24T18:00:00","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=13092"},"modified":"2022-11-24T11:45:33","modified_gmt":"2022-11-24T16:45:33","slug":"the-effect-of-skipping-a-mortgage-payment","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/the-effect-of-skipping-a-mortgage-payment\/","title":{"rendered":"The Effect of Skipping a Mortgage Payment"},"content":{"rendered":"

When you apply for a mortgage, getting the <\/span>best mortgage rate<\/span><\/a> is just one thing you need to think about. It\u2019s also important to get a mortgage that has features that meet your needs, such as the option to pay down your mortgage early (known as the prepayment privilege).<\/span><\/p>\n

One feature that many mortgage lenders offer allows you to skip a mortgage payment from time to time. All you need to do is call your mortgage lender a few days in advance and say you want to skip the payment. Many lenders let you choose to skip a payment up to once a year with their approval (late payments or other problems with the conditions of your mortgage could be grounds for them to deny your request).<\/span><\/p>\n

There are lots of reasons you might want to skip a mortgage payment. An unexpected expense or job loss are two common reasons. Whatever the reason, skipping a mortgage payment helps with short-term cash flow when you\u2019re in a pinch.<\/span><\/p>\n

But what are the consequences of skipping a payment?<\/span><\/p>\n

Beware the Fine Print<\/h2>\n

Surely, mortgage lenders don\u2019t offer this feature out of the goodness of their hearts. In fact, there\u2019s a financial benefit to allowing customers to skip a payment every once in a while. And while you might not realize it, skipping a mortgage payment is actually very expensive.<\/span><\/p>\n

To uncover the true cost of skipping a mortgage payment, let\u2019s take a closer look at what happens when you use this feature.<\/span><\/p>\n

How Skipping a Mortgage Payment Works<\/h2>\n

Your mortgage payment is made up of two parts: The principal (the amount that goes toward paying back the money you owed), and the interest (the amount that pays for you to borrow the money). Every time you make a mortgage payment, some of it pays down the total you owe and the rest pays for the borrowing cost.<\/span><\/p>\n