What day of the month is interest applied to a mortgage loan?
September 28, 2008
**k** asked:
Is there a certain day that banks add interest to mortgage loans? I am currently have a mortgage loan with Chase Bank.
Is there a certain day that banks add interest to mortgage loans? I am currently have a mortgage loan with Chase Bank.
September 28th, 2008 at 4:23 pm
Read your mortgage. It depends on the terms of the loan.
September 29th, 2008 at 9:19 am
If you have a typical mortgage loan, interest accrues daily. It is not added all at one time, the balance actually would be higher from one day to the next….and then, when you pay your monthly payment, the amount of interest that has accrued since your last payment is applied to the balance and the remaining funds are applied to principle and possibly to your escrow account (monies held to pay taxes and home owners insurance). Payments on mortgage loans are usually due on the first of each month as an industry standard – with late fees added if the payment is not made on time. Your Note will explain the exact terms of your specific loan – hope this helps with a basic understanding.
September 30th, 2008 at 10:04 pm
All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrowerand are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.
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