Interest Adjustment Date. The first term of the loan under the mortgage begins on a day called the interest adjustment date. The interest adjustment date has that name because we begin the term of the loan on the first day of the month, but we often make the loan or an advance before that day. For example, if we make the loan to you on April 16 and May 1 is the interest adjustment date, you must pay interest from April 16 to April 30 (15 days), and the term of the loan begins on May 1. If your loan has multiple advances, the interest adjustment date will be the first day of the month after the final advance.
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Samples: Residential Mortgage, Residential Mortgage, Residential Mortgage
Interest Adjustment Date. The first term of the loan under the mortgage this agreement begins on a day called the interest adjustment date. The interest adjustment date has that name because we begin the term of the loan on the first a certain day of the month, but we often make the loan or an advance before that day. For example, if we make the loan to you on April 16 and May 1 is the interest adjustment date, you must pay interest from April 16 to April 30 (15 days), and the term of the loan begins on May 1. If your loan has multiple advances, the interest adjustment date will be the first day of the month after the final advance.
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