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.
If he is trying to get you to pay for fees he is charged because he wrote checks against your check before it went through, that is his problem. People should not write checks against funds that have not cleared. Many banks, if they see a check with a date 6 months or more before the date of cashing the check, would refuse to cash the check. Occasionally, the persons handling the checks may miss and allow a check written 6 or more months ago to go through. Holding onto a check for 3 months is not all that unusual. On another hand, many companies specify on their checks that the checks are good only for a certain number of days (such as 60 or 90 days).