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Answers (7)
- ninasimonejr
- Contributions:8
Okay. Thank you for explaining that!
- Clay Branch, "Georgia Loans"
- Contributions:7835
Forgot something, my Dec examples assume you made your Dec 1 payment, if not then your payoff will also include interest for Nov :)
- Clay Branch, "Georgia Loans"
- Contributions:7835
If you close on Dec 5 the payoff will include interest through Dec 31. If you close on Dec 27 the payoff will include interest through Dec 31. If you closed on Dec 31 and the closing agent does not get the funds to your lender until Jan 2 or 3, then another month's interest ( JAN ) will be added to the payoff, the extra 2-3 days interest are not calculated per diem.
- ninasimonejr
- Contributions:8
Thank you too. Could I get some clarification? Do you mean that if the closing is too late in the month I might owe *another* month of interest? Thanks again.
- Clay Branch, "Georgia Loans"
- Contributions:7835
Your payoff will include 1 months interest no matter which day you close on so schedule the transaction a few days from the end of the month which will give the closing agent time to get the payoff funds to your lender in the same month.
- ninasimonejr
- Contributions:8
Thanks for the answer!
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
As long as you are able to pay the balance in full through closing, nothing special that would differentiate from any other type of existing financing.
Are there any special conditions attached to selling a home with an FHA mortgage on it?
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