Home Buying in Beltsville>Question Details

Ann, Home Buyer in Silver Spring, MD

Can lenders charge 30 days of Daily Interest Charge when your closing is toward the end of the month?

Asked by Ann, Silver Spring, MD Thu Dec 6, 2012

I'm in the process of refinancing my home and the lender wanted to charge me 30 days of Daily Interest Charge. I wanted to know is there such thing as a 30 days charge of interest? Since they estimate that they can close my loan toward the end of this month.
Are this kind of fee negotiable?

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Answers

3
Quickest way to find out which fees are negotiable, inflated, or otherwise unnecessary is to get another quote for the refinance from another lender. It takes a little time and effort, but it can be very enlightening. When you put them against each other you would be amazed at how quickly they start throwing in incentives and sometimes lender credits to stay with them.
I HIGHLY recommend shopping around and letting them know you are doing so.
-T
http://activerain.com/tsheaffer
1 vote Thank Flag Link Fri Dec 7, 2012
Ann,
I always say in this business MORE is BETTER! I wholeheartedly agree with Theresa, I always encourage my clients to shop and negotiate. When your lender or Realtors STOPS wanting to do this it is time to look for someone who has your best interest at heart!

All the Best!
0 votes Thank Flag Link Fri Dec 7, 2012
Mortgage interest is paid in "Arrears". You will pay interest from the day of your refinance settlement
to the end of the month with your first payment due the 1st of the following month.
0 votes Thank Flag Link Fri Dec 7, 2012
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