🏡Per Diem Interest 💵

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Hey there! How are you today? Let's talk about an important topic in the mortgage world: per diem interest. 🏡💡 • Per Diem Interest: What is it? Simply put, per diem interest is the interest you pay on a mortgage loan for each day from the day you close until the end of the month. It's a way to ensure you're paying the correct amount of interest for the time you actually have the loan. 📅💵 • Why It Matters: When you close on a mortgage, you're not just paying the principal amount but also the interest that accrues daily. By calculating per diem interest, you ensure you're only paying for the days you actually have the loan in that initial month. • Example: Let's say you close on June 15th. You'll pay per diem interest for the 15th through the 30th, which covers the interest for those 16 days. This amount is separate from your regular monthly mortgage payment and is due at closing. • Pro Tip: Closing at the beginning of the month means paying more per diem interest upfront, but it gives you a longer gap before your first full mortgage payment is due. Closing at the end of the month minimizes your per diem interest but means your first full payment will be due sooner. 🏠📆 • Understanding per diem interest can help you plan your closing date and manage your finances better. If you have any questions or want to discuss this further, give me a call. I'm here to help! • Stay connected: • 📞 (303) 807-6081 • 📩 [email protected] • 🔖 https://www.grarate.com/loan-officer/... • Hope you have an amazing day! 🌟😊

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