Mortgage Payoffs Explained
3:11
YouTubeSELFi
Mortgage Payoffs Explained
This video explains why your payoff statement to your existing loan is higher than your unpaid principal balance. It's because payoff statements include unpaid interest. When you pay your mortgage, interest is paid in arrears. Meaning a March payment pays the interest in February. Every day you have a mortgage you owe a per diem interest. So if ...
10.1K viewsJan 11, 2021
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