Late mortgage payments could result in an unfavorable standing with your lender. Generally, a borrower enters an agreement with a mortgage lender to repay a mortgage loan according to terms of his mortgage note. Knowing when your mortgage payment is due and the terms of your grace period will help you avoid late fees.
Due Date
A mortgage payment is considered late if its received beyond the due date. Typically, a borrower has agreed to make monthly installment payments for a term, such as a 15-year or a 30-year loan. For instance, if you select a 30-year fixed-rate loan term, your mortgage lender expects to receive 360 monthly installments on the date displayed on your mortgage note (12 payments per year, times 30 years equals 360 total monthly payments).
Grace Period
Grace periods enable borrowers to avoid a late fee when submitting a mortgage payment beyond the due date. Some mortgage companies offer a 15-day grace period that permits a borrower to make a late payment without a penalty. However, payments that are received after the 15th of the month are late and typically require a late fee. Your mortgage note will show the penalty or fees for payments received after the grace period.
Credit Reporting
Mortgage lenders routinely submit information to credit reporting agencies. Information such as your loan balance and recent payment dates are sent to the credit bureaus. Generally, payments made on time, during the grace period or beyond the grace period, but within the calendar month reflect positively for credit purposes. Payments that a lender receives 30 days late or more might be reported to credit bureaus as a late mortgage payment.
Considerations
Late mortgage payments can negatively affect your finances and your credit rating. You should avoid paying your mortgage beyond the lender-provided grace period. If you have a temporary financial hardship or a reason that might cause your mortgage payment to arrive after the due date, you can contact your mortgage lender to make a payment arrangement. Your lender may be able to provide assistance toward getting your account on track.
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