The date on which the mortgage term will begin. This date is usually the first day of the month following the closing. The interest cost for those days from the closing date to the first of the month are usually paid at closing. That is why it is always better to close your deal towards the end of the month.

Date that the mortgage officially begins.

The interest adjustment date shown on the mortgage form.

A date from which interest on the mortgage advanced is calculated for your regular payments. This date is usually one payment period before regular mortgage payments begin. Interest due from the date your mortgage is advanced to the IAD is due on closing.

A date, usually one month before monthly mortgage payments begin, when interest on monies advanced before that date is calculated and must be paid by the borrower.

The date from when the lender will start collecting interest. Your regular payments will commence one payment period after this date. For example, if you have chosen to make bi-weekly payments, your first payment will come due two weeks after the Interest Adjustment Date. When you sign your mortgage papers the bank will collect from you an "Interest Adjustment" which is a calculation of interest from the Completion Date to the Interest Adjustment Date.

The date upon which the borrower is required to pay accrued interest on the borrowed principal under a mortgage, which date falls one full payment interval before the first payment date as set out in the agreement. For example, if a mortgage is advanced on May 15 to be paid on the first day of each month, June 1 would be the interest adjustment date and July 1 the first payment date. On June 1, the borrower would be required to pay the interest that has accrued on the principal since the date of the advance (May 15).

The date one month prior to the beginning of amortization when accrued interest computed on the monies advanced becomes due.

A date from which the accrued interest on the mortgage advance is calculated and paid in your first regular payment. This date is usually one payment period before the first regular mortgage payments begin.

The date on which the mortgage really begins, usually the first of the month. The interest owed for the number of days between the closing date and the last day of the month is paid on the closing date by cheque or by deduction from the mortgage advance.

The date the term of the mortgage starts and is usually the first of the month.  An interest-only payment on mortgage funds advanced prior to the IAD will be due on this date.  The first regular monthly principal and interest payment is due one month after the IAD.

The date on which the mortgage really begins, usually the first of the month. The borrower is required to pay interest on the loan between the date of receiving the funds and the lAD before regular mortgage payments start.

This may apply to mortgages that close on any day other than the requested day of payment. For instances: since some lenders want monthly payments to be made on the first day of the month, they will adjust the interest due on closing so that interest on your mortgage is paid up until the first of the coming month. If you close on the 20th of the month (and the month has 30 days), you will have to pay interest for 10 days so that you are paid up until the first of the coming month. Then your first full mortgage payment will be due on the first of the following month.

The date the interest rate changes on an adjustable-rate loan.

Most lenders prefer to have mortgage payments come due on the first of the month. But if your home purchase closes on another date, the funds are disbursed on that date. In order to keep your regular payment date on the first of the month, lenders ask you to make an interest adjustment payment. It's paid on the closing date by cheque or by deduction from the mortgage advance and covers the interest owed for the number of days between the closing date and the end of the month.

The date one month prior to commencement of amortization when accrued interest computed on the moneys advanced becomes due.