Can I Change My Mortgage Due Date?

Managing monthly expenses involves careful timing of income and outgoing payments for many homeowners. Mortgage payments, often the largest monthly obligation, are typically fixed to a specific date each month as outlined in the initial loan agreement. While established at loan inception, personal financial circumstances can evolve, leading homeowners to consider adjusting this schedule. Aligning a mortgage payment with a payroll cycle or other regular income streams is a common reason for exploring such a change. Understanding the potential for modifying this financial commitment can provide greater budgeting flexibility.

Feasibility of Changing Your Mortgage Due Date

Changing a mortgage due date is often possible, but it rests entirely with the discretion of your mortgage lender or servicer. They are not obligated to grant such requests, but many do, often on a case-by-case basis. Lenders may permit due date adjustments to enhance customer satisfaction, potentially reduce late payments, or help borrowers better align payments with their income schedules. This flexibility can benefit both the borrower and the lender by fostering consistent on-time payments.

General conditions apply when requesting a change to your mortgage due date. Your loan needs to be current, meaning you have no outstanding or past-due payments. A history of consistent, on-time payments can also strengthen your request, demonstrating financial reliability to the lender. Some lenders may allow a one-time adjustment, while others might offer grace periods without penalty, depending on their specific policies.

Information to Prepare for Your Request

Before contacting your mortgage lender to request a due date change, gather specific information to streamline the process. Your mortgage account number is essential for identifying your loan. This number can be found on your monthly mortgage statements, loan documents, or by logging into your lender’s online portal. You will also need to know your current mortgage due date, which is clearly stated on your billing statements.

Determine your desired new due date, keeping in mind that most lenders allow changes within a specific range. Providing a brief, clear reason for your request, such as aligning the payment with your payroll schedule, can be helpful. Some lenders may have a specific form for due date changes, which you can find on their website or by requesting it from customer service. Ensure all informational fields on any such form are accurately completed with the details you have gathered.

Steps to Request a Due Date Change

After gathering all necessary information and completing any required forms, the next step involves formally submitting your request to the mortgage servicer. You can contact your lender through various methods, including a direct phone call to their customer service department, submission through their secure online portal, or a written request sent via mail. When using an online portal, navigate to the section for loan modifications or payment options, where you may find a specific option to request a due date change. Submitting online often allows for quicker processing times, sometimes within a few business days.

Once your request is submitted, the lender will review it based on their internal policies and the information you provided. They confirm receipt of your request and provide an estimated processing timeline, which can range from a few days to several weeks. You may receive a confirmation letter or email detailing the approval or denial of your request. Should your request be approved, the communication will outline the new due date and any other relevant terms, ensuring you understand the revised payment schedule.

Understanding Your First Payment After a Change

When your mortgage due date changes, the first payment on the new schedule may be adjusted to account for the altered interest accrual period. Mortgage interest accrues daily, meaning the amount of interest you owe is calculated based on the number of days between your last payment and the next. If the new due date results in a shorter or longer period between payments, the interest portion of your first payment will reflect this adjustment. For instance, if your due date moves from the 1st to the 15th, the first payment on the 15th will cover interest for a longer period than a standard month.

Conversely, if the change shortens the period, the interest due might be less for that initial payment. This adjustment ensures you pay the correct amount of interest for the exact number of days your loan balance was outstanding. Carefully review your first mortgage statement received after the due date change. This statement will clearly show the new due date, the adjusted payment amount, and a breakdown of how the payment was applied, including principal and interest components, providing transparency for the transition.