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If you recently took out a mortgage, or have been thinking about purchasing real estate, you may be wondering when your mortgage payments will be due each month, among other things (like how late Ikea is open).
The Department will not bring enforcement actions against any public or private employer for violations of the Act occurring within 30 days of the enactment of the FFCRA, i.e., March 18 through April 17, 2020, provided that the employer has made reasonable, good faith efforts to comply with the Act. Of course, the stimulus payment is intended to be an advance payment against an actual credit you will compute on your 2020 tax return. Thus, you may suspect that in Example 4 above, by delaying.
Well, mortgage payments are generally due on the first of the month, every month, until the loan reaches maturity, or until you sell the property.
So it doesn’t actually matter when your mortgage funds – if you close on the 5th of the month or the 15th, the pesky mortgage is still due on the first.
The only difference is when the first mortgage payment is due, which I’ve explained in my when mortgage payments start post.
Mortgage Due on the 1st, Late on the 16th?
- Mortgages are typically due on the first of the month
- But mortgage lenders generally provide a grace period
- Of up to 15 days to pay without penalty
- Meaning it’s only late if paid after the 15th of the month
Most people probably know that mortgage payments are due on the 1st of the month, but many loan servicers (those who collect your payments) will allow you to pay 15 days “late” each month.
So even though your mortgage payments are technically due on the first each month, you can pay as late as the 15th every month without any kind of penalty.
No late fees, no credit report dings, no issues whatsoever.
This is known as the “mortgage grace period,” similar to other grace periods you see with all types of other loans.
Some “savvy” consumers may even set up automatic payments to be sent mid-month, instead of paying on the first to maximize their cash flow.
But this can be a dangerous game, especially if your mortgage payment doesn’t make it to the servicer on time, for whatever reason.
Nowadays, this may be less of a problem thanks to speedy and generally reliable online payments, but it’s still a risk not worth taking.
The loan servicer may also harass you if you consistently pay late into the grace period.
What If I Pay My Mortgage Late?
- As noted, you get a generous grace period
- If still late after that you’ll be assessed a late fee, which can vary by lender
- Usually a small percentage of the monthly payment
- Only counts as a delinquency on your credit report if 30+ days late
If you play this “pay at the last minute game” each month, you could eventually get burned and wind up paying a mortgage late fee.
These fees can vary, but are often pretty steep. We’re not talking a $20 late fee and a slap on the wrist.
We’re talking a percentage of the mortgage payment, such as 5%. So if your monthly mortgage payment is $3,000 a month, that’s $150 smackers.
And if you wait too long to make a payment, typically 30+ days beyond the due date, it could eventually be reported to the credit bureaus as a late payment, which will really hurt.
The result could be a substantial credit score ding, and greater difficulty obtaining subsequent mortgages in the future, a major issue if you need/want to refinance your home loan for some reason.
Or if you want to buy more real estate in the near future.
After all, lenders aren’t too fond of homeowners who don’t make their mortgage payments on time.
What If I Pay My Mortgage Before the Due Date?
- In most cases there’s no benefit to paying the mortgage before the due date
- Because they’re calculated monthly using simple interest
- Meaning you won’t save money or lose money on interest
- So it shouldn’t matter if you pay on the 1st or the 15th, as long as the payment is made on time
Okay, so we know paying late isn’t too smart, but what about paying the mortgage before the due date?
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You might be thinking, “Hey, I can save money on interest if I make my payments on the 20th or 25th of each month, instead of the first of the next month.”
Not the case. Your loan servicer may accept payment on that date, but it won’t mean you’ll pay less interest.
Final isumr.'s learning website. The interest is already figured out for the month using the previous month’s balance, so it doesn’t matter if you pay a few days early.
This differs from credit cards and other types of loans, such as HELOCs, where the interest is calculated daily.
If you actually want to pay less in interest on a traditional mortgage, you need to make extra payments to principal.
So if you pay an additional $100 on top of your monthly mortgage payment, your loan balance will be $100 lower for the subsequent month, and that means less interest paid over the life of the loan.
This will also reduce the loan term, meaning your mortgage will be paid off in less time.
Just note that the monthly mortgage payment will stay the same, regardless of whether you make larger payments for a few months here and there.
Tip: Be careful when making extra principal payments. If you send in a payment that is below the monthly mortgage payment, such as two smaller biweekly payments, even if they exceed the total amount due, they may not be credited properly.
How to Make Mortgage Payments
Lastly, let’s talk about how to make a mortgage payment to your loan servicer.
First things first, note that I said loan servicer, not lender or broker or any other entity.
The “loan servicer” is the company that actually collects your mortgage payment each month, and may not be the individual or company that originated your loan.
So pay close attention to who this is, and note that mortgage loans are often transferred from one servicer to another, especially shortly after closing.
In terms of paying, we see from the graphic above (from the Mortgage Bankers Association) that lists the most common ways to pay a mortgage.
The top three are auto-pay, via the servicer website, and by mail.
Less common ways are in-branch, wire transfer, phone pay, and other means, which probably includes paying the mortgage with a credit card.
In summary, speak with your loan servicer once you take out your mortgage to ensure your payments are processed properly. Rules vary and it’s best to get all the answers straight from the horse’s mouth.
For clients who may have difficulty repaying, banks will help you find the best solution to continue repaying your loans.
Instead of a comprehensive solution, which is the deferral of loan repayments, the focus will be on the individual approach of banks to clients. The vast majority of clients who are currently ending their deferral will continue to pay without any problems.
March 22nd (1st Payment) 2019
This was stated on Thursday after the meeting of the Ministry of Finance (MF) of the Slovak Republic with the Slovak Banking Association (SBA), the head of the Ministry of Finance Eduard Heger (OĽANO) together with the State Secretary of the Ministry of Finance Marcel Klimek.
Repayment of loans
“To date, 134,132 clients have requested a deferral of payments. That gro, more than 100,000, requested a postponement in April and May last year. In December, it was just over 2,000 clients, “ calculated by Klimek. According to him, the need for this measure is thus fundamentally declining.
According to Heger, most clients took advantage of the deferral of payments in April and May last year, while a moratorium of up to 9 months is possible. January and February will be the period when clients will return to repayment. The Minister stated that most clients in Slovakia requested a 9-month deferral. “We already have information today that most of these clients who return, in the order of 95%, will have no problem getting back and paying their installments,”
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According to Heger, the banks will help the remaining clients who could have problems with repayment to find the best possible way to continue repaying the loans. Klimek remarked that most of them had already received a tailor-made solution so that their financial situation would not suffer.
“Only about 0.7% of the total volume of all clients is negatively affected, which is not significantly defined compared to the current framework,” Klimek said, adding that clients have financial problems even in situations where the economy is growing.
“Today we have agreed, instead of sticking to blanket solutions that do not make sense in these numbers, that the SBA, through its members, will apply a very sensitive individual approach for each individual client in order to create the best possible conditions for the repayment of his loans. , “ Klimek clarified.
Law of the lex corona
Heger explained that in the spring of 2020 they decided to create a lex corona law, which, among other things, created the possibility to request a deferral of loan repayments, without a symptom that may disadvantage clients in the future. According to him, this law is linked to an emergency situation. As the emergency situation still persists and the lex corona continues to apply, clients who have not yet requested may, until 31 March, request a one-off deferral of payments for a maximum of 9 months, which will be asymptomatic.
According to Heger, the Ministry of Finance records individual cases of clients when the deferral of installments turned into a negative entry in the register. The Minister expects the banks to comply with the agreements and rules, which should be remedied. He also pointed out that there is the National Bank of Slovakia (NBS), which oversees and solves similar matters on an individual basis. “If you have such an experience, complain. That needs to be addressed, there are tools for it today, “
addressed Heger to the clients concerned.
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