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General Question

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DallasLoanGuy
Super Contributor

Re: General Question

we close out the current month.... this is why you have prepaid interest.

 

mortgage loan interest is paid in arrears(after it has occurred)

 

so. if you close in January.... we close out January. No payment on Feb 1st because you have no outstanding interest. 1st payment is Mar 1st

 

there are rare exceptions to this rule. but this is done 99% of the time.

 

Retired Lender
Message 11 of 15
Anonymous
Not applicable

Re: General Question

If two of your credit scores are the same, what will they use as the middle?

Message 12 of 15
Lel
Moderator Emeritus

Re: General Question

If, for example, your scores are 680, 680, and 700, then 680 will be used.

Message 13 of 15
Anonymous
Not applicable

Re: General Question

In my case my scores are 709,709, 598

Message 14 of 15
namvet
Established Contributor

Re: General Question

Looks like 709 is the magic number for you!

Message 15 of 15
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