On Time Every Time How Being Late On Monthly Payments Can Affect Your Mortgage

Dated: 01/05/2018

Views: 82


On Time, Every Time: How Being Late on Monthly Payments Can Affect Your Mortgage

On Time, Every Time: How Being Late on Monthly Payments Can Affect Your MortgageAre you the type of person that struggles with remembering to pay their bills on time? You’re not alone. People across the country regularly submit late monthly payments, inflicting terrible damage to their credit. Let’s take a quick look at how paying your loan or other monthly payments late can have a negative impact on your mortgage.

Your Credit Score Is At Risk

As you already know, almost all banks, credit cards, mortgage companies and other lenders rely on your credit score to help assess the risk of lending money to you. Paying any of your payments late – even something as small as your mobile phone bill or a department store credit card – can result in negative marks showing up on your credit report. If you are late enough times or fail to repay the late payment in full, then your score will start to drop.

Refinancing Can Be Affected

If you already have a mortgage, then a lower credit score can be a problem when you try to refinance. The process of refinancing involves taking out a new mortgage, in which your lender will reassess your risk using your credit score as one of the indicators. If you have been making late payments, you might end up having to settle for a higher interest rate or you may even be declined for the new mortgage.

Making A Late Payment? Contact Your Lender

If you are caught in a bind and have to make a late payment, it is best to get a call in to your lender as soon as possible. First, there may be a grace period in which you can be a few days late without any penalty. If that little bit of breathing room is all you need to get caught up, you’re set. If not, you can let them know your circumstances and discuss what options you have.

It is essential to pay your monthly payments on time, even if it means making some small sacrifices in other areas. The better your credit score looks, the more opportunities you will have to make positive financial moves in the future. To learn more about monthly mortgage payments or to take out a mortgage on a new home, contact us today. Our team of mortgage professionals is here to help you find a mortgage to buy the home of your dreams.

For More Info Visit: http://www.bondstreetloans.com

Blog author image

Jessica Rojas

Jessica Rojas is an extremely dedicated and committed real estate agent who has been working in the Real Estate field since 1997. She became a licensed real estate agent in 2009 as a sales associate ....

Want to Advertise on this Site?

Latest Blog Posts

3 Programs That Allow You To Buy A Home With No Money Down In 2018

Home buyers are typically advised to put at least 20% down for a mortgage. Coming up with that amount can seem almost impossible if you have little to no money left over after paying bills each

Read More

House Hunting When You Are In A Time Crunch

In an ideal world, you’d have plenty of time to find the perfect home. However, that does not always happen. Maybe you are relocating because of a job transfer. Fortunately, it doesn’t have

Read More

How To Manage Investment Property While Working FullTime

How To Manage Investment Property While Working Full-Time In 2017, upwards of 75 percent of independent rental property owners in the U.S. reportedly worked another job on top of being a landlord.

Read More

Whats Ahead For Mortgage Rates This Week June 18th 2018

Last week’s economic reports included the post-meeting statement by the Fed’s Federal Open Market Committee along with readings on retail sales and inflation. Weekly reports on mortgage rates

Read More