FHA Streamline
So, what happens to my mortgage payment after closing?
It might sound unusual at first: your next regular mortgage payment won't be due the month after your FHA Streamline closes. You skip 1 month of mortgage payments.
Here's why. When your Streamline closes, your existing FHA mortgage is paid off. Your new mortgage begins with the first payment due on the 1st of the second month after closing. It's a short-term cash-flow benefit created by the timing of paying off your old mortgage and beginning the new one.
Want to see how this plays out for your loan?
Run your actual numbers through the calculator — real amortization math, no contact info required.