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Mortgage Grace Periods

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mackennc | 02:32 Wed 25th Jan 2006 | Business & Finance
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My mortgage payment is "due on or before" the first of the month, but a late fee is only assessed "if received after" the 16th of the month. Does this mean that as long as I pay by the 16th it will not negatively affect my credit report?

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If they apply for the mortgage before the 16th and the money is not in there your bank may charge a fee, but the mortgage company will only charge a late fee if not paid by the 16th

14:43 Thu 09th Feb 2006

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