On January 21st of 2015 the new FHA guidelines go into effect regarding pay off per diem for all current FHA loan holders. FHA currently receives the full month of interest when your loan is paid off no matter what day of that month it is paid in full and satisfied. So basically, if you pay your FHA mortgage off on July 15th, the mortgage company receives the same amount of interest for the month of July as it would have if you paid the loan in full on July 31st.
Beginning on January 21st and thereafter, the loan and payoff will only have interest calculated through the payment date and no longer through the last day of the month. Any loans originally closed on or before January 20th 2015 will have to follow old guidelines as these changes only effect NEW FHA loans.
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