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Per diem interest is the daily interest charged on a home loan for a brief time. It may not amount to a lot, but the concept is important for determining your interest costs between your closing ...
Per diem (Latin for "per day" or "for each day") or daily allowance is a specific amount of money that an organization gives an individual, typically an employee, per day to cover living expenses when travelling on the employer's business. A per diem payment can cover part or all of the expenses incurred. For example, it may include an ...
Per diem mortgage interest: Per diem interest is the amount of interest you owe between the day you close and the day you begin making payments on your mortgage, typically on the first of the ...
Legal term meaning "by the court", as in a per curiam decision: per definitionem: through the definition: Thus, "by definition" per diem (pd.) by day: Thus, "per day". A specific amount of money an organization allows an individual to spend per day, typically for travel expenses. per fas et nefas: through right or wrong: By fair means or foul ...
Per-diem interest. How much are FHA closing costs? FHA closing costs vary widely by lender and location. Typically, a borrower can expect to pay between 3 percent and 6 percent of the home’s ...
An organization may refund or reimburse these costs on the basis of an itemized list, or may conclude that cost of doing so is disproportionately high and instead pay a per diem ("per day") allowance. This provides a budget from which the traveler may recover their costs.
If possible, you could strategically plan your closing date, as well, to lower the upfront per diem interest costs on the mortgage. Learn more: How to reduce closing costs: 7 negotiation ...
Per diem is Latin for "by the day" or "per day" and refers to any arrangement (financial or otherwise) that is per day. Usually, it is financial, it could be any payment per day, including wages, or an allowance. The edit you refer to is to change it to mean the latter. I agree, this is a common, but more specific interpretation.