NBR: Mortgage payment question

denise12 · June 2009

My mortgage payment is due on the 1st of each month, but it says to pay a larger amount if after the 16th because then it's considered late. So if I pay before the 16th, but after the 1st of each month is it considered late?

Thanks!!!

took79 · June 2009

They give you a two week (ish) grace period to make the payment.

*blondiem* · June 2009

You have a grace period of *typically* 15 days on most mortgage loans. It still affects your interest in a lot of cases, though. Pay on time! That is my motto

Jessibell · June 2009

I'm not sure if it is considered late, but you will not be charged a fee. Careful though... Slippery slope and all that.

chach916 · June 2009

If you pay after the first but before the 16th, even though they don't charge you a late fee, some banks will consider you a "late payer" and will report it to the credit bureau.

Monkeybuttwhat · June 2009

I use the auto pay that pays ahead of time so you save on interest. You pay half of it biweekly. Since there are two months with an extra biweekly pay period you end up paying a full extra payment a year and always are ahead of time with your interest. You shave 7 years off your mortgage doing it this way. I highly recommend it.

laur1120 · June 2009

chach916:

If you pay after the first but before the 16th, even though they don't charge you a late fee, some banks will consider you a "late payer" and will report it to the credit bureau.

Um WHAT?! Soooooooooooooo not true. You have to be 30 days past due for it to reflect on your credit report.

I also have never heard of your interest rate going up for this reason. Again you would to be considered "delinquent" which it would probably show on their records as delinquent after the 15th or whatever. And again it has to be 30 days past due to reflect on your credit report.

Amrice78 · June 2009

*blondiem*:
You have a grace period of *typically* 15 days on most mortgage loans. It still affects your interest in a lot of cases, though. Pay on time! That is my motto

this - in general it's always better to pay on time

chach916 · June 2009

laur1120:
chach916:

If you pay after the first but before the 16th, even though they don't charge you a late fee, some banks will consider you a "late payer" and will report it to the credit bureau.

Um WHAT?! Soooooooooooooo not true. You have to be 30 days past due for it to reflect on your credit report.

I also have never heard of your interest rate going up for this reason. Again you would to be considered "delinquent" which it would probably show on their records as delinquent after the 15th or whatever. And again it has to be 30 days past due to reflect on your credit report.

I said some banks. I have seen some mortgage companies who have done this. Not many, but some do.

babywing · June 2009

chach916:
laur1120:
chach916:

If you pay after the first but before the 16th, even though they don't charge you a late fee, some banks will consider you a "late payer" and will report it to the credit bureau.

Um WHAT?! Soooooooooooooo not true. You have to be 30 days past due for it to reflect on your credit report.

I also have never heard of your interest rate going up for this reason. Again you would to be considered "delinquent" which it would probably show on their records as delinquent after the 15th or whatever. And again it has to be 30 days past due to reflect on your credit report.

I said some banks. I have seen some mortgage companies who have done this. Not many, but some do.

I believe what Chach is saying is somewhat true. They aren't supposed to but some still do. This is where watching your credit report comes in handy. We caught something on our credit report when we were buying our house where someone reported us delinquent after 16 days. We disputed it and won since it's "supposed" to be 30 days. They still try to get away with it though...

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