Shari Saba

Loan Originator

  • Home
  • Blog
  • Main Website

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

January 5, 2018 by Shari Saba

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.

Spread the Love!

Home Mortgage Tips Tagged: Home Mortgage Tips, Mortgage, Real Estate Tips

Shari Saba

SHARI SABA


Loan Originator
615.202.1720 - c
615.537.3969 - f
ssaba@lincloan.com
NMLS # 167053 • TN Lic# 167063
Interlinc Logo

Article Categories

Archives

Looking for something?

February 2021
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
« Jan    
InterLinc Mortgage Services, LLC. NMLS ID: 205696. Tennessee Mortgage License ID #114460. InterLinc is an Equal Housing Lender.
DISCLAIMER: This is not a commitment to lend. Credit and collateral are subject to approval. Other restrictions may apply. Programs, rates, terms and conditions are subject to change without notice.
Branch NMLS# 1965514
https://www.nmlsconsumeraccess.org
Equal Housing Lender

Location


5314 Maryland Way
Suite 201
Brentwood, TN 37027

Copyright © 2021 Shari Saba  ·  All rights reserved   ·   Log In