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 Why? $$$$$$$$$$
Posted by  Becca_FL on 7/27/07 11:18am

Brokers and LOs want their commission.

FHA and VA loans accrue interest monthly as opposed to daily. When a borrower with an FHA or VA loan refis, they will pay an entire months interest no matter when the loans is paid off. Back in the old days, refis would typically close by the end of the month to save borrowers from paying an additional month of interest.
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