Definitions for "Interim interest"
Any payment due for the period from the day the mortgage began up to the first payment date.
Once funds are paid out of the home loan account, interest is calculated on a daily basis on the outstanding balance. The interest is debited to the home loan account at month-end. (The longer it takes to complete the building, the less money is available in the account
Interest owned by the borrower to the lender on the mortgage loan from the day of the closing to the date covered by the first payment.