What day of month does mortgage need to be paid by?
I have a 6 conventional fannie mae back loans on my different 1-4 unit properties. The due date on my bills state the payment is due on the 1st of the month. When do I actually need to make the payment by to not incur a penalty? And then if for example I paid my loan serviced by citibank on the 5th vs the 1st of the month would I be charged interest for those 4 days beyond 1st?
Currently most of my rental income comes in around the 5th of the month so I have 5 day period were i get debited a huge amount for all the mortgages and then have to wait a couple days to get a corresponding rental credits.