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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:The interest
rate is the cost of borrowing money expressed as a percentage rate.
Interest rates can change because of market conditions.
Mortgage Terms
Defined:Annual percentage rate
(APR) is the cost of credit expressed
as a yearly rate. The APR includes the interest rate, points, broker fees, and
certain other credit charges that the borrower is required to pay.
- Local brokers and an online quote form.
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