Real estate blog entries tagged with settlement process by Ilyce N. Powell, CMPS™ - Certified Mortgage Planning Specialist (AmeriSave Mortgage Corp./ United First Financial)

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settlement process: Explaining Why Per Diem Is Not A Closing Cost - 09/11/07 10:18 PM

Line 901 of a mortgage settlement statement is commonly confused for a closing cost. It's actually an "advance payment" on the mortgage.
Often called a per diem by mortgage professionals, line 901 itemizes a borrower's prepaid mortgage interest charges due at closing. The total amount due equals the daily rate of … (28 comments)

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Ilyce N. Powell, CMPS™ - Certified Mortgage Planning Specialist

Baltimore, MD

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