 Tammy Zurfluh Mortgage Planner Vice President Office: (815) 986-7108 First Time Home Buyer? How much home can you afford? Need a Bridge Loan? Need a Construction Loan? What items will be needed for the Application? |
 Back to Frequently Asked Questions What is prepaid interest? This is the interim interest that accrues on the mortgage loan from the date of closing to the beginning of the period covered by the first monthly payment. For example: if your loan closes on August 15, the first payment is scheduled for October 1. Interest will be calculated per day from August 15 to September 1 and would be collected at closing as prepaid interest. |
