Business and Personal Finance Dictionary

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• PER DIEM INTEREST
  
  Interest calculated per day. (Depending on the day of the month on which closing takes place, you will have to pay interest from the date of closing to the end of the month. Your first mortgage payment will probably be due the first of the following month. I.e. If you close on May15th you will pay 15 days of interest and the first payment will be due on the first of the month.)
  
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