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For most mortgages, the due date is on the first of the month. (The first payment is due on the second month after closing.) So if you closed on February 13, your first payment would be due on April 1st. Most, but not all lenders will typically give you a grace period until the 15th before they charge you a late fee. If your payment is more than 30 days past due, the delinquency will be reported on your credit report, which will negatively affect your credit score.
Consider a Separate Checking Account
To ensure that the money is available to pay your mortgage each month, you may want to set up a separate checking account just for this expense. Like with savings, it is a good idea to use direct deposit if it is available. If you get paid semi-monthly (twice a month) or biweekly (every other week) have half of the mortgage payment put into this checking account each paycheck.
If you get paid biweekly, you receive three paychecks a month twice during the year, resulting in additional funds in the account. Consider using it to pay extra on your mortgage (see our video to find out how much you can save). If you get paid monthly, have the full mortgage amount deposited each paycheck.
If direct deposit is not available, automatically transfer the funds into your mortgage checking account as soon as you deposit your paycheck and the funds are made available.
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