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is it ok to pay late

Posted on: 09th Dec, 2006 09:09 am
I normally pay my mortgage on the 8th of every month. And it is due on the first, I had asked my company and they that it will be ok as there is a fifteen day grace period. Is it ok to pay as I am doing now, or should I better give it early?
Hi Blaine,

As there is an allowed grace period, your mortgage company should not have any objection to it if you are paying it by the 8th every month.

The grace period is allowed as sometimes it happens that the check gets delayed in the delivery process or payment dates fall on weekends or any holidays.

But if you are able to pay earlier than the 8th, then you should do so to avoid any kind of complications or imposition of late fee.
Posted on: 09th Dec, 2006 09:18 am
Regula is right; if you have the funds then it's better to clear off the payments as early as possible. If you delay and in between some other urgent requirement arises then it may happen that you will be required to allocate out of the funds reserved for mortgage payment. It can result in a shortfall of funds to pay the lender his monthly dues and loan going into default.

R Wilber
Posted on: 20th Jan, 2007 11:45 am
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