Asked by Gina  |  Submitted December 02, 2013

How late can I be on my mortgage payment before it affects my credit?

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  Answers  |  2

December 03, 2013

Gina,

As far as the lender is concerned, you are late after their grace period, which in general is between 10 to 15 days, but check your mortgage note for the actual days and the amount of the late fee. Now, when it comes to your credit you have 30 days to get that payment in and...posted.

If you are having difficulty and need to skip a payment without a late pay being reported on your credit, it is best to contact the lender immediately. They might agree to put that missed payment on the end of the loan. You'll most likely end up paying interest on the one month extension but your credit history will be intact.

$commenter.renderDisplayableName() | 01.19.17 @ 10:55

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February 02, 2015

Mortgages are considered late after the 15 day grace period, and late charges are typically accessed then. Some lenders will also mark the mortgage as "delinquent" on credit reports at that time (hurting your scores, of course), until the mortgage payment is posted. Any mortgage payment received 30 or more days past the due date will show up as a 1 month delinquent payment on your credit and significantly impact your scores for many months. Mortgage lates can also disqualify borrowers from refinancing, even on "streamline" programs such as FHA and VA refinances. If you have to pay the second half of the month and incur a late fee, it's not great, but a 30+ day payment is far more damaging and should be avoided if at all possible.

$commenter.renderDisplayableName() | 01.19.17 @ 10:55

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