If I close on my new home on November 26, will my first mortgage payment will be January 1?

On an FHA loan, does that mean that I will have to pay the interest for November 26-30 at closing, then my first mortgage payment on January 1? I’d rather not have an FHA loan, but if I do a conventional loan, I’ll get 100% financed, with 2 mortgage companies financing the 80% part and the 20% part separately. (I don’t have the 20% down payment) From what the loan officers tell me, interest rates for a second mortgage loan are at the very least 9% right now, so I’ll save more with an FHA loan than the conventional, even after paying PMI. I dislike escrow accounts, but oh well….what was my question…yeah, 1st mortgage payment due in Jan?

My current mortgage has a PMI of $ 50. With the refinanced mortgage, the bank is more than doubling the PMI to $ 110. The refinanced amount is significantly lower ($ 125,000) than the original mortgage loan ($ 135,000). I am trying to contact the bank to understand why the PMI has been increased and it has been in vain. I have to sign the papers for closing tomorrow and I think if the bank does not bring the PMI down to $ 50 or close, then I will not sign the papers. What can happen if I do this? What else can I do?

Thanks a lot in advance!
I also took 0.5 pt which cost me $ 625. If I were to walk away do I still have to pay the point fees and the attorney fees for both sides? My attorney represents the bank too.
Yes I still save $ 100 per month from my current mortgage. But if the PMI was kept as the original then I would save about $ 150 per month, which is significant.
The previous LTV was 98.5% and the current LTV is about 94.7%. Does that drop of 3.8% account for doubling the PMI? Is there a way to have the PMI reduced?

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