Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Last payment question??

I am selling my current home at the end of Feb, i have my mortgage payment due on feb 15th...Should i make this payment??

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi wsensinger,

Welcome to the forum.

If you can sell the house before 15th of Feb. then I think you need not to pay but otherwise you should. Actually even after paying that monthly payment after selling the house what ever you will owe to the lender you will pay that amount - right.

Feel free to ask if you have any further questions.

Best of luck.
Larry

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

wsensinger's picture
wsensinger | Joined: February 4, 2008 03:12 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

well thats my point of the question, should i hold off on the payment and let the cash sit in the bank, im only 4 years into the loan, so it would mainly go to interest and not bringing the principle down. So im thinking i shouldnt pay, and then just reconcile to the bank at closing..?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi wsensinger,

Welcome to forums.

This is something that you need to negotiate with the lender. Ideally, if you are paying after the payment date, it should be recorded as late payment. Your credit report will show the payment as being late. However, if you can talk to the lender and request him not to report it as late paymnet to the bureaus, then that will be fine.

Hope this helps...

God bless you.

Samantha

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

jeffselan's picture
jeffselan | Joined: February 4, 2008 04:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

This is my personal opinion just from experience.

Make your payment on time. Why?

1) You obligated yourself to do so.

2) You really don't know until the closing papers are signed if the loan will close on time.

So, do the right thing. You will feel better about it.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

evolovik26's picture
evolovik26 | Joined: August 15, 2007 11:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Always make your payment on time if you overpay then you will get a check later but if something goes wrong you might end up having a late on your credit.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

jeff and eugene have the most sensible approach, with which i agree.

since the closing does not take place until it takes place, you have no control over when your lender receives payment in full.

always make the next payment due, no matter that you have a closing scheduled. there are too many things that could go wrong, causing a delay; and any delays would hamper your credit standing.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Great info, thanks everyone...its appreciated

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

Page loaded in 0.330 seconds.