Can I Pay My Mortgage on the 15th?
Your mortgage payment timing isn't one-size-fits-all. Understand the true window for your payments, the implications of missing it, and how to confirm your individual loan's requirements.
A mortgage payment is a homeowner’s regular financial commitment to repay the loan used to purchase property. Made monthly, it consists of principal and interest, and often includes funds for property taxes and homeowner’s insurance held in an escrow account. Paying on time is important for maintaining homeownership and financial stability.
Your Mortgage Payment Due Date and Grace Period
Many mortgage payments are due on the first day of each month. Most mortgage loans include a grace period, a timeframe after the official due date during which a payment can be made without incurring a late fee. This grace period ranges from 10 to 15 days, though the exact duration depends on your loan agreement and lender policy.
If your mortgage payment is due on the 1st of the month and your loan has a 15-day grace period, paying on the 15th is considered on time and avoids a late fee. Conversely, if your grace period is only 10 days, a payment made on the 15th would be considered late. While paying within the grace period avoids fees, consistently waiting until the end of this period is not advisable due to potential processing delays.
Impact of Late Mortgage Payments
Making a mortgage payment after the grace period has expired leads to financial consequences. The most immediate impact is a late fee from the mortgage servicer. These fees are calculated as a percentage of the overdue payment, ranging from 3% to 6% of the principal and interest portion.
Beyond late fees, a payment that is significantly past due can negatively affect your credit score. Lenders report a mortgage payment as “late” to major credit bureaus (Experian, Equifax, TransUnion) once it is 30 days or more past its original due date. A single late payment can cause a noticeable drop in your credit score, and this negative mark can remain on your credit report for up to seven years.
Consistent or severe delinquency can escalate to more serious repercussions, including collection activities and the potential for foreclosure. Federal law requires mortgage servicers to attempt contact with borrowers by 36 days past due and may send a Notice of Default. If payments are not brought current, the lender may initiate foreclosure proceedings, resulting in property loss and a damaging mark on your credit history.
Finding Your Specific Mortgage Terms
To find your mortgage’s due date and grace period, consult your original loan documents. The promissory note, the legal document you signed to repay the loan, outlines details such as payment dates, where to send payments, and consequences for late payments.
The mortgage or deed of trust, another document signed at closing, explains your responsibilities as a borrower and grants the lender the right to take back the property in the event of default. Monthly mortgage statements also list the due date and may provide grace period information. If you cannot locate these documents or have questions, contacting your mortgage servicer by phone or online is a reliable way to confirm your terms.
Requesting a Payment Date Change
You can sometimes request a change to your mortgage payment due date. While not universally available, some mortgage servicers permit this, often with conditions. Conditions might include an extra payment to cover interest accrued during the transition or specific loan type eligibility.
The process involves contacting your mortgage servicer to discuss your request. You may need to provide a reason, such as aligning the payment date with your pay schedule. Approval is not guaranteed and depends on servicer policies. If approved, carefully review any updated terms or agreements to understand how it impacts your loan, including interest adjustments.