Missing mortagage payments or late payments

Question

I know that if you miss a mortgage payment, it will slap your credit score. What happens if you make a late payment? would if effect your credit score a lot? For example it says pay by June 1 and if payed after (June 16) it will be considered late and late fees add on. If i payed mine on June 3 what happens?

Answer 1

June 3 should be fine.  My husband and I just bought a house, and when we were setting up the mortgage with Bank of America, they set it up for automatic draft.  Our banker said that the payment is due on the 1st of each month, but we could set up the draft for any day before the 15th of the month and it would be fine.  So we set ours for the 5th of each month, and the banker said it's no problem at all.  It's not late and doesn't affect your credit score until the date they tell you it will be considered late and late fees apply.

Answer 2

as long  as you are not 30 days down nothing except you go after the grace period of 15 days you in cure late fee

Answer 3

It depends on the institution.  Some of my bills are considered late if you are one day late.  Others have a five day grace period.  Most DO NOT have a 15 day grace period.

Yes, it will go against your credit score on any late payments.  Check out "freecreditreport.com", but cancel the Triple thing otherwise you pay monthly to check it.  Print it out.

If you aren't sure, sign up for a bunch of credit cards all in the same week.  When you are turned down, they HAVE TO give you your credit, page by page.  It's cheaper, but it does hurt your score.

Mortgage payments should be made first, before anything else.  Just like rent.  Live on egg salad if you have to (I did).

Good luck to y'all!

Answer 4

It must be past 30 days from the due date to affect your credit.....Paying two weeks late won't affect your credit...but you will get late fees....

Answer 5

You should be fine just read the late fee dates on the mortgage! some are the exact date other 15 days from the due date etc etc

good advice- Ask them if they do a bi-weekly mortgage - this will be like your monthly payment  example 600.00 monthly into 300.00 twice a month instead and you will save thousands and cut a 30 year rate to paid off in 16-20 years instead!