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My ARM is up in July 2007, We plan on refinancing. Hopefully by the end of July. When will my payment be due for the new loan...September? Will they charge me interest for the month of August?

2007-05-29 13:18:07 · 3 answers · asked by Pattypadd 1 in Business & Finance Renting & Real Estate

3 answers

You will pay interest on the 'new money' from the date it is transferred to your previous lender to retire that debt. There is no 'free ride' in the interim. Both lenders will charge you interest for each day you have possession of their monies. You can make arrangements, normally, to schedule your payment on a specific day, but do expect to pay upfront for those interim days until the regular amortization schedule kicks in.

2007-05-29 13:40:05 · answer #1 · answered by acermill 7 · 0 0

If you close the new loan in July then most likely your new payment will be due Sept. 1 unless the lender sets payment due dates at other times during the month. Yes, you will be charged interest for August. You'll also be charged interest from the date of closing through the end of July but it will most likely be paid at closing.

2007-05-29 21:02:12 · answer #2 · answered by angela 6 · 0 0

Generally you will get one freeby month. So in other words if you close on the 1st of April you will probably pay 1st of June.

If you go through your documents you will find a payment breakdown sheet stating exactly when and where your payment will be due.

2007-05-29 21:23:03 · answer #3 · answered by oreoqueens 2 · 0 0

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