Interest rates up front? Any way to fix that?

In either case you pay for it.. If you close on the 10th of the month, you pay the additional 20 days worth of interest, and no payment on the first of that next month.. Your first payment will be due the month after.. Or 50 days from your closing date.. If you close at the end of the month, say the 28th.. then only 2 days of interest is added to your closing costs.. No payment due on the first (2 days later), but the following first of the month.. So in your scenario, you pay either way, either up front or in your actual new mortgage payment.. But for you, your paying up front.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Unfortunately, probably not. If it was perhaps the 5th of the month, they could have done an interest credit, so you wouldn't prepaying so much interest, but they can't do that too far into the month. The good news is you won't have to make a mortgage payment until October.

Interest on mortgages is paid in arrears, so you will have interest from the day of closing through the end of the month. In your case,if you close on the seventh of this month, you will pay interest through the 31st of August, but your first payment won't bedue until October 1st.

it is all relative because if you closed in july, your first payment would have been sept 1. not you have to prepay 24 days of interest but your first payment isnt until oct 1.

Hello from Austin, Texas - we used to live in Schaumburg. Refinance? If you look at the total payment (PITI), it is cheaper to pay the 23-24 days of interest than a whole August payment. If yo uwaited to close your loan until August 28th and have 2 days of interest, you'd then have to make your August mortgage payment anyways..... www.JeffAlbrecht.com 512-807-2951