[1805]

I'am almost ready to do my second closing on my new home loan construction.To get the greastest benefit from this I'am told I must make the first payment on the loan the day it is activated. On the day the lender begins to charge interest on the money that I'am borrowing.How do I find out exactly when that day is?

[1805]

Since my new home construction loan is almost finished.To get the greastest benefit from this I'am told that ,
I must make the first payment on my loan the day the loan is activated,on the day the lender begins to charge interest on the money. How do I know or find out exactly when that day is ? Since it is suppose to knocks some months/years off my house note.

[ScottGem]

On ANY loan interest begins to accrue from the date the loan is issued. If you pay your first month's payment immediately then all of that payment will go towards principal, thereby reducing the principal balance on which interest accrues. So if you amortizr this over the life of the loan, you may shave a few months off.

Another trick is to make payemtns out of each paycheck rather than once a month. This also may result in reducing the principal balance on which interest accrues.

You need to check with your lender and make sure they will apply your payments immediately. Some may not.