By the way, your grace period is a set number of days after your official due date when we’ll still accept your payment without marking it as "late". If you pay after your grace period, the payment counts as late and may pick up some late fees. And those are always a drag. (Reminder: AutoPay keeps the late fees away!)
If you can’t make your payment by the end of your grace period, it’s officially considered late. In the short term, this means you’ll pay a late fee. The amount of the fee depends on what type of loan you have.
A late payment after 15 days will result in a late fee, but a late payment after 30 days will result in even more consequences-like being reported to credit bureaus. Missing a mortgage payment by more than 30 days can drop your credit score, but the question is: How much can it drop?
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Making your payments on time is very important in the year ahead of your home loan application, but missed or delinquent housing payments are specifically addressed in the FHA loan handbook, HUD 4000.1. In general, any mortgage or housing payment not made in the month due is considered to be delinquent.
Credit bureaus don’t consider a payment late until it is 30 days past due. So while your mortgage holder or credit card issuer may charge you extra for paying three weeks after the due date, your credit score should be none the worse for it. credit bureaus don’t consider a payment late until it is 30 days past due.
Finally, although they’re not part of the mortgage payment and can vary widely by individual. While a mortgage payment is technically late the day after it is due, most mortgage lenders give you a few extra days to make the payment before charging a late fee.
However, there is a 15-day grace period, so in reality you won’t be charged a late fee unless you go beyond those 15 days. An easy example: If your mortgage payment is due on the 1st of the month, you actually can pay it on or before the 16th of the month and Wells Fargo won’t charge you a late fee.
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