Mortgage late vs. mortgage due

[Kathlyn Lewis]

Hello!

Thought some of our lending-savvy peeps here might have some insight on this.

I noticed on my mortgage statements that the mortgage is due on the 1st but isn't late until the 16th! That's a really big window. Does anyone know if waiting until the 15th to pay dings credit or is in anyway a disadvantage to the borrower?

We pay everything on-time and have excellent credit which I do not want to damage in any way, but if I have until the 15th to pay the mortgage free and clear, I'd definitely take advantage of that window!

Thanks for the guidance as always!

Kathlyn

[Dion DePaoli]

Mortgage is paid in arrears, "for using" the money so it earns interest. Rent is paid in advance "to use" the property.