Business and Personal Finance Dictionary

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• PRE-PAID ITEMS
  
  Pre-paid items are amounts that are required by the Lender to be paid in advance of their due date at settlement. You may be required to prepay certain items at the time of settlement, such as accrued interest, mortgage insurance premiums and hazard insurance premiums. Pre-paid items contribute to the total amount of the loan's closing costs. See Closing Costs for more information. Note: You will only see per-diem interest under this category on our site. For some lenders you will see insurance premiums under this category also; we have categorized our insurance premiums under the Escrow Deposits.
  
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