Refinance Timing and "skipping" a Monthly PaymentWe're planning on refinancing from an FHA loan into a Conventional loan. Assuming a closing date at the end of September, which option are we better off with?Option 1 - Pay September mortgage (pays for August interest). Pay September interest and MIP via FHA payoff. First payment due: November 1 (pays for October interest)Option 2 - Don't pay September mortgage, pay late fee in payoff. Pay August and September interest and MIP via FHA payoff. First payment due: November 1 (pays for October interest).I have Option 2 as calling for less money in the payoff...am I accurate in doing this? The only risk I see in Option 2 is if the loan doesn't fund by October 1...then we'll be 30+ days late on our September payment. Am I correct, or is there an even better way of doing this?August 28 2013 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.