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.
  you should not rely on any information that tells you that the check isn't good after six months. Here's why: if a check is more than six months old, your bank has two o â¦ ptions, either it can refuse to honor the check because of its date, or it can honor the check if it is not aware that you don't want it paid. personal check for the Bank of America is generally valid for at least thirty days. In many cases, these personal checks are valid for up to ninety days from the date of iss â¦ ue. Rachel Carter.