FDIC set up the policy of the 15 days before they can charge you with a late fee. It has nothing to do with your loan payment. You pay add'l interest every day past your due date. It's called per-diem. If you have a fairly new loan and the balance is $150,000, you might be paying an add'l $25.00 per day until paid. If you have any doubts, just call their customer service dept and ask what your per-diem is past your due date. I worked at Wachovia Bank for over 9 years in the collector dept and most consumers were not aware of the add'l interest being added. Even the loan officers did not know because they use to call and scream at me about the accounts I called. I had to tell them to go into a certain screen that would show them the add'l interest being added. That just showers you how much loan officers know
Yes, you can pay on the 15th, and it will not go on your credit as a late pay. The 15th is the grace period the bank gives you.The reason Wells Fargo will not give you a straight answer is because they would certainly like your money on the 1st instead of you having use of it for that extra 14 days. LOL
I have always paid my mortgage on the 15th and take advantage of the grace period and it has not affected my credit report/score or my ability to get a new mortgage when I have sold or refinanced.
For Finance and credit solutions I always visit this website where you can find all the solutions.
RE :Does paying mortgage after due date affect your credit?
I have a Iowa loan with Wells Fargo my due day is the 1st and if not paid by 16th includes a late fee. My question is can I pay on the 15th and have it not affect my credit. Wells Fargo will not give me a straight answer they Say"Your payment is due on the 1st" it like a record
Follow 5 answers
No, a lender only reports a late payment if it is more than 30 days past due.
Check your credit reports once a year at
annual credit report. com
I was wondering the same thing too yesterday
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