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 Re: What is the purpose of the Interim Interest Payment
Posted by coastal/CA on 5/30/16 12:24pm

I hope my answer references the correct form, the one with 2 checkboxes. It's not hard to explain. I say: After the 3 days' recission period (if applicable) ends, Escrow gets the money from your new loan, then waits til the next day to pay off your old loan. If this happens on a Friday then you've got 2 loans open over the weekend so you're paying per diem interest on 2 loans for 2 days instead of just one.
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