Let's say I close a refinance middle of the month on 15th. Do I pay interest only to previous lender for 15 says? And also interest only to new lender until next month 1st? What happens to principal payment for this month?
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- Movement Mortgage QSaS36Lets assume your refinance closes on April 15th for the sake of conversation and also lets assume you have made your April payment .......1) the payoff balance on the loan being paid off will include interest for 4/1- 4/15/2019 .......2) the 1st payment on the new loan will be due June 1st..,,,,,,,, ( mortgage loans are " interest in arrears " which is opposite how rent payments work