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 wsensinger
Joined: 04 Feb 2008
Posts: 2
1.65 Dollars($)
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 Posted: Mon Feb 04, 2008 4:12 pm Post subject: Last payment question?? |
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| I am selling my current home at the end of Feb, i have my mortgage payment due on feb 15th...Should i make this payment?? |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Mon Feb 04, 2008 4:22 pm Post subject: |
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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 |
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wsensinger
Joined: 04 Feb 2008
Posts: 2
1.65 Dollars($)
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| Posted: Mon Feb 04, 2008 4:28 pm Post subject: |
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| well thats my point of the question, should i hold off on the payment and let the cash sit in the bank, im only 4 years into the loan, so it would mainly go to interest and not bringing the principle down. So im thinking i shouldnt pay, and then just reconcile to the bank at closing..? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1532
Location: MASSACHUSETTS
135.74 Dollars($)
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| Posted: Mon Feb 04, 2008 9:30 pm Post subject: RE: making final payment |
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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
_________________
Know how to compare lenders with mortgage booklet |
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jeffselan
Joined: 04 Feb 2008
Posts: 54
Location: West Virginia
18.44 Dollars($)
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| Posted: Tue Feb 05, 2008 4:26 am Post subject: Well.. |
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This is my personal opinion just from experience.
Make your payment on time. Why?
1) You obligated yourself to do so.
2) You really don't know until the closing papers are signed if the loan will close on time.
So, do the right thing. You will feel better about it.
_________________
Jeff Selan
Wells Fargo Home Mortgage
Hurricane, WV
www.jeffselan.com |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 482
Location: Minneapolis
19.70 Dollars($)
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| Posted: Tue Feb 05, 2008 7:32 am Post subject: |
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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.
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Eugene Volovik
Branch Manager
Team USA Mortgage
612-481-3127
Conventional, FHA and Commercial Lending |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1346
Location: bloomfield, ct
45.00 Dollars($)
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| Posted: Tue Feb 05, 2008 7:47 am Post subject: |
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jeff and eugene have the most sensible approach, with which i agree.
since the closing does not take place until it takes place, you have no control over when your lender receives payment in full.
always make the next payment due, no matter that you have a closing scheduled. there are too many things that could go wrong, causing a delay; and any delays would hamper your credit standing.
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George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444 |
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Guest
0.10 Dollars($)
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| Posted: Tue Feb 05, 2008 9:33 am Post subject: |
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| Great info, thanks everyone...its appreciated |
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