Definitions for "Per-diem Interest"
Interest charged from the day of closing to the first day of your new monthly mortgage payment.
Interest charges that cover the period of time-usually a matter of days, or a few weeks-between when you close on your home, and the first day of the first month of your regular loan payments.
Interest that is charged daily which usually refers to the partial month's interest that the buyer pays on the mortgage covering the period from the day of closing to the end of the month.