What is the “short term interest” fee in my closing fees (buying an apartment)?
The bank charged me $500 for this “short term interest” thing.. what is this for???? I am closing on 11/08 .. does this have anythign to do with whether you close on the 1st of a month?
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Tags: apartment, Term Interest
By Carolinahomerates.com, July 10, 2010 @ 3:25 pm
prepaid interest.
you pay all the way up to the 30th of november.
it’s also tax deductible. you’re paying for the days you will live there.
if you close on the 30th then you only pay 1 day of prepaid interest….
either way your 1st payment will be due in January 1st.
By Mike, July 13, 2010 @ 3:04 pm
I assume you are buying a condo…
Short-term interest on your HUD statement is probably interest through the end of the month that you are closing… so it would be 11/8-11/30 (22 days of interest) and that gets you on track for everything to happen on the first of every month.
By Fabio G, July 13, 2010 @ 9:36 pm
you pre pay interest for the month you close on the home and then dont pay next month the loan payment divided by the days of the month multiplied by the days of the month left