Mortgage- Paying on time? Affecting credit score?

[Deal Guy]

1-Many mortgages have a due date of the 1st of the month, but tell you that you won't be charged interest unless your payment is past the 16th of the month or so.  My question is, is there any advantage of paying the mortgage on the first of the month vs lets say paying it on the 15th?

2-How late can you be on a mortgage, before they report and affect your credit score?

3-Generally (on some mortgages) if you pay more than the balance, then they apply the extra toward your principal. Now say you paid on the 1st, but then want to make another payment on the 30th so that you are on time for the following month, being that the 1st is on a Sunday ect, how can you be assured that your 2nd payment at the end of the month is going to be considered a payment for the following month, as opposed to them thinking that you just made a 2nd payment to knock off some principal and then you are a no show for the following month?

[thaber]

1-Many mortgages have a due date of the 1st of the month, but tell you that you won't be charged interest unless your payment is past the 16th of the month or so.  My question is, is there any advantage of paying the mortgage on the first of the month vs lets say paying it on the 15th?

2-How late can you be on a mortgage, before they report and affect your credit score?

3-Generally (on some mortgages) if you pay more than the balance, then they apply the extra toward your principal. Now say you paid on the 1st, but then want to make another payment on the 30th so that you are on time for the following month, being that the 1st is on a Sunday ect, how can you be assured that your 2nd payment at the end of the month is going to be considered a payment for the following month, as opposed to them thinking that you just made a 2nd payment to knock off some principal and then you are a no show for the following month?

#3 is a reason why many people will do #1, meaning make sure to pay late enough that its clear which month you're paying for.
AFAIK, no downside to #1, other than if you pay on the 16th you'll pay interest from the 1st, i.e. it's 16 days late.
#2 probably would depend on the bank

[shloimy]

Interest is not charged. You have until the 15th to pay without a late charge, and until the 30th you are not considered late (for credit reporting purposes).

[coralsnake]

1-Many mortgages have a due date of the 1st of the month, but tell you that you won't be charged interest unless your payment is past the 16th of the month or so.  My question is, is there any advantage of paying the mortgage on the first of the month vs lets say paying it on the 15th?

2-How late can you be on a mortgage, before they report and affect your credit score?


3-Generally (on some mortgages) if you pay more than the balance, then they apply the extra toward your principal. Now say you paid on the 1st, but then want to make another payment on the 30th so that you are on time for the following month, being that the 1st is on a Sunday ect, how can you be assured that your 2nd payment at the end of the month is going to be considered a payment for the following month, as opposed to them thinking that you just made a 2nd payment to knock off some principal and then you are a no show for the following month?

1) None really. You just need to make sure they recieve it and post it by the 16th
2) 30 days
3) Usually if the amount is the payment amount or above it made at the end of the month, it will be applied to the next months payment. If you want to make sure, if paying by check, not it on the voucher you send in from your statement or with a note. If paying electronicly, call. You can even pay double Thai month and have them apply 2 month payment, just need to call them to make sure the extra isn't apllied to principal (which it will be if you don't call).

[lunatic]

For #3, IME, if you are paying the exact amount of your mortgage payment, you should be fine. Problem is when you pay in chunks. Most banks will apply to your next months payment if you call and ask them to

[gccseo1]

A mortgage loan is used by purchasers of real property to raise money to buy the property to be purchased or by existing property owners to raise funds for any purpose. The loan is "secured" on the borrower's property. Generally, Considering date will be added after the exact date when we pay which means the last date for payment is 15th, mostly you have a chance three or five days for payment.

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