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Mortgage payment question

June 14th, 2017 at 07:17 am

Quick question: I've always made mortgage payments by the first of the month, but I see that it will only incur late charges if paid after the 15th of the month. Let's say, I decided to pay the mortgage on the 15th, will this affect our credit score negatively?

5 Responses to “Mortgage payment question”

  1. creditcardfree Says:

    I think credit reports only show late if 30 days and over. When we had a mortgage I had our automatic payment taken out on the fifth. No late fee and no effect on mortgage or credit score.

  2. My English Castle Says:

    I found this helpful: https://www.creditcardinsider.com/blog/mortgages-due-1st-past-due-16th/

  3. MonkeyMama Says:

    No, it doesn't affect your score negatively. I always use the free grace period.

  4. MonkeyMama Says:

    Per the link MEC shared:

    "Some consumers do report receiving “collection” calls from their mortgage companies if the payment is not received by the 1st of the month, so it is best to make your payment by the 1st if you wish to avoid those calls."

    As an accountant, I'd say that doesn't make any sense whatsoever. I can think of several instances (bills and tax forms) where there is a "Technical" due date and a "real and actual due date" that everyone uses. Makes me wonder if these consumers had other overdue bills or some other complicating factor.

  5. NJDebbie Says:

    Thank you all for your responses!I think I will be using the grace period!

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