Home mortgage interest is paid in arrears, not in advance. Unlike most loans, mortgage principal and interest are paid in arrears. This means that when you make your payment on the first of a month--all contemporary mortgage loans are written as of the first of the month--you are paying the previous month's interest.hen you have sold your home or refinance it, the interest in arrears feature may be less attractive. If you close your sale or refinance on the 18th, your mortgage payoff will be higher than your apparent outstanding balance.
June 17, 2009. Finding an old check at the bottom of your drawer doesn't necessarily mean you'll get a boost in your bank account. You generally have six months to cash or deposit a check. If you have one that was written earlier than that, a bank or credit union isn't obligated to honor the item.
While it may be possible to cash a check thatâs more than six months to a year old, there are several things consumers need to consider before heading to the bank with Nanaâs old checks. Itâs up to the bank. First things first: There is no hard-and-fast rule about when a check becomes expired. The Uniform Commercial Code, which is a standard set of business laws that governs financial contracts and has been adopted by most states, says that a bank does not have to accept a check more ...