Financing in 20705>Question Details

Ann, Home Buyer in Silver Spring, MD

can lenders charge you 30 days of Daily Interest Charge?

Asked by Ann, Silver Spring, MD Sat Dec 8, 2012

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FHA loans charge 30 days of interest regardless of what day of the month you settle. If you fund a conventional loan within the first 5 days of the month we as lenders can credit back to the 1st day of the month to help lower the closing costs. Hope this is helpful. Is this on a purchase or refinance?

Thanks,
Brent Mendelson
1st Mariner Mortgage
bmendelson@1stmarinermortgage.com
nmls#111407
1 vote Thank Flag Link Sat Dec 8, 2012
Mortgage interest is paid in arrears. From the day of your settlement you will pay a daily interest charge to the last day of the month with your first payment due on the 1st day of the following month.
0 votes Thank Flag Link Sat Dec 8, 2012
Without any other additional details, if you settle on a house on the 1st or 2nd day of the month, you can expect to pay 30 days interest.
0 votes Thank Flag Link Sat Dec 8, 2012
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