What Constitutes a Late Mortgage Payment?

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.

---

• 
  

  YOUR FRIENDS' ACTIVITY - Yahoo! Finance - Business Finance,

  finance.yahoo.com/personal-finance

  Sep 02, 2013 Read latest personal finance articles about loans, saving & spending, lifestyle, insurance, taxes, career & education, retirement, and real estate. Try our ...

• 
  

  Home Buying, Home Selling, Mortgages, Real Estate Investing

  www.marketwatch.com/real-estate

  MarketWatch's guide to home buying, home selling, mortgages, home building, real estate investing, remodeling, hot home trends

• 
  

  Mortgage loan - Wikipedia, the free encyclopedia

  en.wikipedia.org/wiki/Mortgage_loan

  A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty ...

• 
  

  Mortgage Calculator Financial Payment Calculators

  www.mortgage-calc.comMortgage Simple Mortgage How Much Can I Afford Amortization

  Mortgage-Calc.com provides a free mortgage calculator, various financial calculators and amortization schedule tables for consumers.

• 
  

  Mortgage Calculator

  www.mortgagecalculator.org

  Use this free mortgage calculator to save money on your home loan today. Includes amoritization tables, bi-weekly savings, refinance info, and helpful tips.

• 
  

  Mortgage Community: 3,407 mortgage lenders helping 62,048

  www.mortgagefit.com

  Get the best mortgage quotes and seek mortgage advice from mortgage lenders and community experts. Go for a free consultation on the best home loan for you.

• 
  

  Foreclosure - Wikipedia, the free encyclopedia

  en.wikipedia.org/wiki/Foreclosure

  Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by ...

• 
  

  Mortgage Calculator - Bankrate.com - Mortgage Rates Credit

  www.bankrate.com/calculators/mortgages/mortgage-calculator.aspxFree Mortgage Calculator Calculators

  Calculate Mortgage Payments with Bankrate.com's Mortgage Calculator, Find the Best Mortgage Rates, or Review Award Winning Mortgage advice.

• 
  

  Obama Is Going To Pay For My Gas And Mortgage!!! - YouTube

  www.youtube.com/watch?v=P36x8rTb3jI

  This lady, Peggy Joseph, thinks Barack Obama will pay for her gas, mortgage, and who knows what else.

• 
  

  Debt Consolidation: 5 Ways to repay debt and save dollars (A on

  www.debtconsolidationcare.comDebt Consolidation Loans Debt Consolidation Credit Card Consolidation

  Lower your monthly payments; Reduce interest rates; Waive late fees; Reduce collection calls; Avoid bankruptcy; Have only one monthly payment

• 
  

  Mortgage loan - Wikipedia, the free encyclopedia

  en.wikipedia.org/wiki/Mortgage_loan

  A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty ...

• 
  

  Mortgage Broker Blog at Broker Outpost

  www.brokeroutpost.com

  Broker Outpost makes finding a qualifying loan program more efficient for mortgage brokers, and offers wholesale lenders an opportunity to market their unique loan ...

• Around The Web - Mortgage News Daily

  www.mortgagenewsdaily.com/aroundtheweb

  At this point, Larry Summers isn't just the favorite for Federal Reserve chairman. He's the overwhelming favorite. Unless something truly unexpected shows up in the ...

• California Housing Finance Agency

  www.calhfa.ca.gov

  Are you experiencing financial hardship and having difficulties making your mortgage payment? Visit CalHFA's Hardship Assistance Page to view options available to you.

• Calculators by Bankrate.com - Mortgage Rates Credit Cards ...

  www.bankrate.com/calculators.aspx

  Looking for the right calculator? Bankrate.com provides personal finance calculators for financial needs.

• BB&T Bank Personal Banking, Small Business Banking,

  www.bbt.comBb&T OnLine Banking BB&T Online Logon Online Services

  Checking, savings, investments, insurance. BB&T offers banking services to help you reach your financial goals and plan for a sound financial future. BB&TBest Bank ...

• E-LOAN Find Your Loan, Savings Account, CD, Home Refinance

  www.eloan.com

  E-LOAN helps you find the right loan for your specific needs. Youll be matched with reputable lenders and financial service providers.

• Online Tax Advice - Tax Preparation Help - Income Tax Tips

  www.marketwatch.com/taxes

  Income Tax Tips - MarketWatch offers online tax advice and tips. Look no further then our site for income tax preparation tips.

• VA Loan Requirements 2012 VA Mortgage Requirements 2012

  www.va-loan-requirements.com

  Learn about VA loan requirements for 2012. What you MUST know about VA loan requirements in 2012.

• Plagiarism.org

  www.plagiarism.org

  Welcome to Plagiarism.org, your source of information on plagiarism and best practices for ensuring originality in written work.

• Care One Credit Counseling - Debt Consolidation Help CareOne ...

  www.careonecredit.comMember Log-In Contact Us My Program My CareOne

  Providers of CareOne Debt Relief Services have helped over 5 million people. Learn more about our options for debt consolidation without a loan.

• Duke University Economics: Home

  econ.duke.edu

  MA Alumna Combines Love of Economics and the Environment "What makes the Duke Econ program stand out is the flexibility for students to take interdisciplinary courses.

• Boston Real Estate Now - Boston.com

  www.boston.com/realestate/news/blogs/renow

  Sep 02, 2013 The latest Boston real estate news, including information on home loans, buying a home, real estate financing and more at Boston.com.

• What Makes Us Happy? - Joshua Wolf Shenk - The Atlantic

  www.theatlantic.com/magazine/archive/2009/06/what-makes-us-happy/...

  Is there a formulasome mix of love, work, and psychological adaptationfor a good life? For 72 years, researchers at Harvard have been examining this question ...