Question about Mortgage Payment

You know how it is usually due by the 1st of the month but on the statement it says ' late payment after the 15th'. So as long as they physically receive the check before the 15th (8, 9, 10, etc...) - you are not penalized in any way...late charge/bad credit.

We both work in schools and get paid 9/4 and I want to make sure if I wait a few days, it's not bad for us.

Re: Question about Mortgage Payment

as long as its paid by that grace period deadline ur good to go

i asked my lawyer abotu this at closing.. he's like mines due on the 1st i dont pay it till the 10th..
apparenlty tons of peopel do that
im always too scared to do it though .. im too neurotic haha

but yes its perfectly ok... just pay it by the 15th

Re: Question about Mortgage Payment

although yu are charged interest for the days the payment is not made after the 15

Re: Question about Mortgage Payment

So as long as they receive that check before the 15th - we are good to go!

Re: Question about Mortgage Payment

This is why I have the mortgage taken automatically out of my checking account so I won't forget-lol!!

Re: Question about Mortgage Payment

as long as it is paid by the due date you are fine.

our mortgage is due by the 15th and we pay on the 10th.

Re: Question about Mortgage Payment

us too. I get paid the last day of the month, so online bill pay, they don't receive it until around the 7th of the following month, but I'm within my grace period.

Re: Question about Mortgage Payment

We pay ours on or around the 10th every month...We've been in the house for two years and have had no late charges or interest hikes, so it's fine!

Re: Question about Mortgage Payment

Re: Question about Mortgage Payment

No, it's not a problem so long as you have it in before it's 30 days late. The grace period means you don't pay the late charge until day 15 (or whatever the grace period) but your credit will still not take a hit so long as your payment is received before it's 30 days late. I would not wait until day 30 to make a payment (even on-line) since computers could be down or payments received after say 8 p.m. are not processed until the next day.

I pay the co-op mortgage about 2 weeks early since I somehow double paid a few years ago. For the rentals I pay around the 9th - after the rent checks clear.

Re: Question about Mortgage Payment

ours is due on the 1st and i usually send it out on the 2nd. i have a dumb mortgage - they CHARGE if you want direct debit.

Re: Question about Mortgage Payment

I always wait until the 16th. That is when our grace period ends. We are not penalized if it is recvd up to and including this date.

Re: Question about Mortgage Payment

We have a 15 or 16 day grace period. We pay anytime within that gap (whenver our checks clear. I hate going into overdraw!!)