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What Day Of The Month Is Interest Applied To A Mortgage Loan?

Submitted by admin on Friday, 25 September 20094 Comments

Is there a standard day, add that the banks are interested in mortgage loans? I am currently a mortgage advance with Chase Bank.

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4 Comments »

  • Tlynn said:

    If you have a typical mortgage loan, interest accrues daily. It is not added all at one time, the balance actually would be higher from one day to the next….and then, when you pay your monthly payment, the amount of interest that has accrued since your last payment is applied to the balance and the remaining funds are applied to principle and possibly to your escrow account (monies held to pay taxes and home owners insurance). Payments on mortgage loans are usually due on the first of each month as an industry standard – with late fees added if the payment is not made on time. Your Note will explain the exact terms of your specific loan – hope this helps with a basic understanding.

    - 25 September 2009 at 11:46 pm
  • skip742 said:

    Read your mortgage. It depends on the terms of the loan.

    - 25 September 2009 at 11:48 pm
  • Steve R said:

    every day.

    - 26 September 2009 at 12:22 am
  • Jones C said:

    Hi.
    I am Clara and i saw your question about needing a loan,In the internet they are alot of scams out there.I decided to answer your question to prevent you being scammed.
    I got a loan of $150,000 from an agency online and i was lucky not be scammed.
    Contact them at email:globaly_aquinted_org@yahoo.com interest rate of 0.2% is simply great.they use a yahoo email account on our request because its makes contacting them easier

    - 26 September 2009 at 1:03 am

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