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Why is the first payment after the rate is locked higher than my normal fixed monthly payment?

April 26, 2017fixed locked normal payment rate

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Why is the first payment after the rate is locked higher than my normal fixed monthly payment?

1 Answer

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Posted

In addition to the regular fixed payment amount, your first payment after the rate is locked includes interest accrued at the variable rate from the 1st through the 16th of the month that your rate lock took effect, as well as any late payment fees outstanding at that time.