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Old 06-25-2007, 06:47 AM
 
107 posts, read 689,848 times
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ok i have a question, we have our mortage taken out on the 15th of every month. i think its due between the first -15th. we've had it this way for 15 years. well our closing is 7/17/07. we have already cancelled the direct payment. but do we still make a payment for july i've spoken to two different people at my mortgage company one told me yes i have to make it the other said now they'll just include it in the payoff at closing. I would prefer not make it if i dotn have to but will make it if i have to. any advice?
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Old 06-25-2007, 07:41 AM
 
Location: Marion, IN
8,189 posts, read 31,226,172 times
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Make the payment. You will get a pro rated refund from the lender about 30-45 days after closing.
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Old 06-25-2007, 08:18 AM
D_J
 
Location: Michigan
58 posts, read 636,045 times
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Quote:
Originally Posted by Evey View Post
Make the payment. You will get a pro rated refund from the lender about 30-45 days after closing.
Absolutely agree with you Evey. Always make your payment. Your current lender has 30 days after closing to reconcile the loan and refund any money that is due to you. I know it's always nice to have the extra cash if you can but if something happens with the closing then you are in a mad scramble to try to get your payment in.
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Old 06-25-2007, 10:09 AM
 
5,341 posts, read 14,134,112 times
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Quote:
Originally Posted by wdwmom2 View Post
ok i have a question, we have our mortage taken out on the 15th of every month. i think its due between the first -15th. we've had it this way for 15 years. well our closing is 7/17/07. we have already cancelled the direct payment. but do we still make a payment for july i've spoken to two different people at my mortgage company one told me yes i have to make it the other said now they'll just include it in the payoff at closing. I would prefer not make it if i dotn have to but will make it if i have to. any advice?

You can go either way on this one. BUT, you will be assessed the late fee if you don't pay it since your current mortgage will be paid off on the 17th or 18th. It will not be reported to the credit bureau however as the payment is not 30 days past due.
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Old 06-25-2007, 12:43 PM
 
107 posts, read 689,848 times
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Thanks guys!
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Old 06-25-2007, 02:34 PM
 
Location: DFW
12,229 posts, read 21,492,577 times
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Also, I'd bet your payment is due on the first of the month, not the 1st - 15th. That range just means your mortgage company has a very generous grace period and doesn't begin charging a late fee until you are over two weeks late.

I agree with everybody else, make the payment.
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Old 06-25-2007, 02:47 PM
 
5,341 posts, read 14,134,112 times
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Quote:
Originally Posted by Debsi View Post
Also, I'd bet your payment is due on the first of the month, not the 1st - 15th. That range just means your mortgage company has a very generous grace period and doesn't begin charging a late fee until you are over two weeks late.

I agree with everybody else, make the payment.
Actually all 1st mortgages on the secondary market have this 15 day grace period. They are all due on the 1st, but there are no penalties if you pay by the 15th.
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