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| Name | Mortgage Payments Are Made In Arrears? What Does That Mean? |
| Video Uploader | Video From Home Buying with Christian |
| Upload Date | This Video Uploaded At 02-11-2023 14:29:14 |
| Video Discription | In Advance vs. In Arrears Definition of Arrears: Money that is owed and should have been paid earlier. Mortgage payments can be categorized into two main types: 'in advance' and 'in arrears.' In advance means you're paying for the upcoming month, while in arrears means you're paying for the previous month. Most residential mortgages are paid in arrears. Example You close on your home on July 15th. As part of your closing costs, you pay the interest on living in the home from July 15th to July 31st Your first mortgage payment will be on September 1st This September 1st payment is paying for the interest and principal accrued from August 1st to August 31st. 🔴 Subscribe for more free Home Buying tips: https://www.youtube.com/channel/UCJnLAWJ10riWma7WiTUjSsg ?sub_confirmation=1 🔴 Looking to get Pre-Approved for a new home, vacation home or investment property? Or refinance a current property? Feel free to follow the link below and start the process online: https://apply2.radiusgrp.com/#/signup?referrerId=ccarter%40radiusgrp.com&loanType=MORTGAGE 🔴 Check out my most popular YouTube video here on Renovation Loans: https://www.youtube.com/watch?v=eRjkYuM_Z1o&t=104s 🔴 Recommended Playlist: The Top Ten Questions Googled of 2022 by Potential Home Buyers https://www.youtube.com/playlist?list=PLum3lroxQfd-hQfcbSNsyaAVIoRwI6e9p c1ZygOyFA2k |
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