Miami FL home finance
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Talking about your mortgage: Prepaid interest
Your first regular mortgage payment is usually due about 6 to 8 weeks after
you settle (for example, if you settle in August, your first regular payment
will be due on October 1; the October payment covers the cost of borrowing the
money for the month of September). Interest costs, however, start as soon as
you settle. The lender will calculate how much interest you owe for the part
of the month in which you settle (for example, if you settle on August 16, you
would owe interest for 15 days--August 16 through 31).
Estimated cost: Depends on loan amount, interest rate, and
the number of days that must be paid for (a $120,000 loan at 6% for 15 days,
about $300; a $142,500 loan at 6% for 15 days, about $356).
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Mortgage Terms Defined:Points
are fees paid to the lender for the loan. One point equals 1 percent of the
loan amount. Points are usually paid in cash at closing. In some cases, the
money needed to pay points can be borrowed, but doing so will increase the loan
amount and the total costs.
Mortgage Terms Defined:Fixed-rate
loans
generally have repayment terms of 15, 20, or 30 years. Both the
interest rate and the monthly payments (for principal and interest) stay the
same during the life of the loan.
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