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by Anonymous on October 17th, 2004
Interest accrues on a mortgage from the day the loan is funded. For instance, if you refinance your home and your closing is today, 10/17/2004 and it's your primary residence, you have a three day right to cancel. As such your loan will fund on Thursday 10/21/2004. Even though you signed the documents on 10/17, the interest doesn't start accruing until 10/21. However, be aware that if you're paying off an old mortgage, the interest on that is still being charged until it is paid off on or about 10/22.
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