![]() ![]() Some “savvy” consumers may even set up automatic payments to be sent mid-month, instead of paying on the first to maximize their cash flow.īut this can be a dangerous game, especially if your mortgage payment doesn’t make it to the servicer on time, for whatever reason. This is known as the “mortgage grace period,” similar to other grace periods you see with all types of other loans. No late fees, no credit report dings, no issues whatsoever. So even though your mortgage payments are technically due on the first each month, you can pay as late as the 15th every month without any kind of penalty. Most people probably know that mortgage payments are due on the 1st of the month, but many loan servicers (those who collect your payments) will allow you to pay 15 days “late” each month. Meaning it’s only late if paid after the 15th of the month.Of up to 15 days to pay without penalty.But mortgage lenders generally provide a grace period. ![]() Mortgages are typically due on the first of the month. ![]()
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