Posted: Tue Mar 30, 2004 5:57 pm Post subject: When is the monthly payment considered late?
Your mortgage payment is considered to be late when you fail to make the payments within the due date of a particular month. Most lenders consider the 1st or the 15th of each month as the due date for your mortgage payment. There are some banks that allow for even the 20th of the month as the payment date.
As a borrower, you will have to pay a penalty if you make monthly payments after the completion of the grace period. The grace period is the time frame following the due date, during which your late payment is not regarded as late.
Generally, the grace period includes 15 days. But it often happens that a borrower makes the payments after the grace period, that is, 30 days or more after the due date. In that case, it will be reported to the credit bureaus as a late payment. Such late payments have a negative impact on your credit report and brings down your credit score.
Bobby Guest
Posted: Wed Feb 25, 2009 10:07 pm Post subject: mortgage payment
Was due today the 25th...made the payment at 7:57 pm just after banking hours...will the mortgage company charge for NSF fees, etc
for being 2hrs late??? Wouldn't they consider some sort of Grace Period??
Thanks
Lenders generally give a grace period of 15 days. As you were just two hours late, I don't think you will have to pay any kind of late fees due to this. _________________ Procrastination is the enemy of your financial sucess
bobby, review your documentation from the lender. as adonis noted, most lenders give you 15 days' grace before charging a late fee. as for NSF...why are you asking that? is your check going to bounce?
technically a payment is late unless it is paid on the due date, but the idea of grace periods before adding a fee has been around for many, many years. have no fear, bobby, 2 hours is not going to cost you a penalty. _________________ George M. Akerley
Loan Consultant
860-221-5044
Sam
