San Antonio, TX · Member since 2017 · 60 posts · 12 votes
We close on the 28th of the month and I’m wondering what’s the point. Our mortgage is late after the 15th of the month. I realize we will incur a late charge and if it doesn’t close on time we are taking the risk of it going past 30 days but aside from that what’s the benefit? 50 percent of the mortgage goes to interest right now. Thanks
@Chris Igard Talk to your bank. If it was me, I'd pay it because I wouldn't want any record of being late and if I owe money, I like to pay it on time. The extra money will come back to you once it is all done.
Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
6y
The answer is, ALWAYS PAY YOUR MORTGAGE ON TIME!!!! You will shoot your self in the foot if you don't pay it. It will also cause your payoff to be higher as interest is always calculated to the day the existing lender receives the payment and logs it in on your account. Why take the chance of a 30 day late ruining your credit score for the next 2-3 years for a perceived short term benefit that isn't real?