For those paying mortgages...

[PennyPincher]

When do you pay your mortgage? I've always known them to be 'due' on the 1st, and haven't seen anything else.

I called my company and found out that as long as it's received by the 15th, it is considered on time. I now send the payment out through my Bill Pay on the 8th instead of two weeks before. This helps me alot, as I only get paid once a month - on the 1st!

[boothev]

Re: For those paying mortgages...

I pay anywhere between the 1st and the 15th. Depending on when my payday falls in that 2 week period.

[TBH]

Re: For those paying mortgages...

Mine's due on the 1st, but it's not late til the 15th. So far I've been able to keep a month ahead on my payments, which feels like a little buffer in case I have an emergency or lose one of my jobs (knock wood). Since the money just sits in my checking without earning interest anyway, I don't mind parting with it a couple of weeks early.

[marglo]

Re: For those paying mortgages...

As with many of our bills, our mortgage is auto-paid from our checking acct and it goes out about the 15th. We have second mortage that is paid the same way and it goes out the 10th. This works great for us.

[cercis]

Re: For those paying mortgages...

It depends upon the interest structure.

Most mortgages only charge interest on a monthly basis, so you will be charged the same interest amount for the month whenever you pay.

Other mortgages charge interest based on the day. In this case, it is best to get your payment in as early as you can. This is more rare and will mostly be your B and C loans (I know The Money Store charged interest this way).

[Tree0164]

Re: For those paying mortgages...

My mortgage is due on the 1st but there are no fees until the 15th. I always use the paycheck closest to the 1st to pay it off.

[BAGAGT1]

Re: For those paying mortgages...

I generally pay on or near the 15th of the month before it is due.

[zakity]

Re: For those paying mortgages...

Mine is due on the 1st and I schedule it to pay around the 19th.

ETA: I just checked and it is sent off by a check. That is part of the reason I schedule it so early in the month. It gives the bill pay service time to get it printed and mailed.

[Snoopy2645]

Re: For those paying mortgages...

Ours is also due the 1st but not late until the 15th which I do like it gives me some cushion kwim if I dont have it right on the 1st I ALWAYS HAVE IT before the 15th

[tomkat]

Re: For those paying mortgages...

My mortgage payment is due on the 1st. I have the mortgage company to automatically draft it from my checking account; that way, I don't run the risk of being late and incurring a late fee.

[dealsaver]

Re: For those paying mortgages...

I send the check a week before it's due. They get it when they get it. With the exception of any year end tax planning of course.