When is a Mortgage Payment Considered Late?

Mortgage Payments: Due Dates, Grace Periods and Late Fees

First of all, you need to understand when do you get late on the mortgage. The mortgage payment is ideally due on the 1st of every month. If for any reason you are unable to make the payment. You still have 15 days of Grace period during which if you make the payment and the bank receives the payment before the 15th day. The bank or lender does not report you as late.

So if your flight got delayed while you were traveling and couldn’t make the payment on the 1st. Nothing to panic. Go ahead and make the payment.

once you cross this threshold of 15 days of the grace period and still unable to make the payment. The bank reports you as 30 days late on your mortgage.

If you are reported late on the mortgage. As of today, it's extremely difficult to get yourself qualified for a mortgage. You will have to be current and no late on your mortgage for one year at least before you can apply for a mortgage.

Late Mortgage Payments and Your Credit

Credit score 640

Credit bureau reports score on a band of 350-850. So if you have a credit score of 640 or around that. It means you have a medical collection, late on credit card, late on mortgage, previous bankruptcy filing etc. That, however, doesn’t mean that you will not qualify for a mortgage. Your mortgage can still be done.

Credit score 700

A credit score of 700 is an OK score. 

Credit score 720 and above

If your score is 720 and above with certain conditions. You are in the prime slot or getting access to exclusive rates that normal audience looking for mortgage wouldn’t qualify for

Can’t Make Your Mortgage Payment? Help Is Available

Call us at 323-705-3191 (CA Borrowers) 713-463-5181 Ext 154 (Texas Borrowers)