I have been paying my mortgage on my first house before the 15th each month for 4 years. Usually on the 15 or just before by an few days.
When i first started paying on my mortgage 4 years ago i was told i was not late if i paid before the 15th and no negative action or fee would result.
Now, just yesterday i had to call the bank and make an arrangement to (maybe) be late by 3 days after the 15th. I had told the lady on the phone i had never been late on one single payment and i would do my best to get this in before the 15th and that if i was late could they reverse the late fee, this once.
Anyway, she said you are always late if you pay after the 1st. If you pay on the 15th or just before that does not mean your are on time, you just didn't incur any late charges.
So, this upset me because all this time i had thought i was doing good and paying on time and keeping my credit good and reflecting well on my mortgage to the bank.
Needless to say I will be making this payment before the 15th to keep at least from incurring a late fee.
Is this true? That Ive been late all along?
The first time i spoke to someone the first year i had it said pay before the 15th and all is fine, nothing negative and this woman yesterday made it sound like i can never make a payment on time. I asked her if i was to apply for a loan or something does that mean i would be frowned upon?
Does anyone know the rules to this and the difference between paying on the 1st or before the 15th?
And i also heard that interest can get tagged on each day you wait to pay.
Read more: Mortgage Payment: Due on the first with a late fee if paid after the 15th (so 15 day grace period)?
