You Can Avoid A Mortgage Late Payment! Here’s How!
A mortgage late payment can have a big impact on your credit score, increasing the chance of you paying extra fees, and adding to your overall debt.
Everybody knows that homeownership is a major responsibility, especially when it comes to a monthly mortgage payment. Even with record-low interest rates, mortgages can be sky-high, and they are subject to frequent changes. So how can you stay away from a pattern of mortgage late payment? Read on to find out!
Here’s How To Avoid A Mortgage Late Payment
1. Talk With Your Mortgage Provider
If you think your payment is going to be late or if you’re positive it is a mortgage late payment, simply give your financial provider a call and discuss your financial situation. Especially if you’ve paid your mortgage on time regularly, a provider may be able to help you through a financial situation that’s impairing your current payments. They may also refer you to a financial counseling service company near you to get back on track.
2. Set Up An Automatic Payment
The average American spends over $5,000 a month for an array of services, including mortgage payments. It’s tough to keep track of your monthly expenses when you have dozens of separate bills. You can make sure you remember when to make payments by enrolling in a mortgage auto-draft where you schedule automatic payments on a day of your choice each month. Just set your payment and forget it.
3. Make Sure You Know The Difference Between A Grace Period And Due Date
A mortgage due date is straightforward; your payment must be received by the end of a specific date. But many companies offer a grace period as well to help avoid a mortgage late payment. Grace period rules vary, but commonly it’s a two-week window after the due date to make a mortgage late payment without incurring fees.
A grace period should not lead to a late-payment habit. Instead, it’s designed to help you out when your special circumstances lead to a late payment.
4. Double-Check Your Bank Account Information
Submitting incorrect bank account information is one of the most common reasons for a mortgage late payment. When signing up for auto-draft, for example, double-check that all your submitted bank information is up-to-date, especially routing numbers. Submitting wrong information or not updating banking information if there is a change may lead to a late payment even if you are top of paying on time.
5. Work On Decreasing Your Mortgage Payment
Another common reason for a mortgage late payment reason is the most obvious: your mortgage is high and simply struggling to keep up with payments. This can happen during periods of inflation, unemployment, or when a homeowner is also coping with a financial emergency.
The good news is that there are ways to help ease your mortgage burden. Consider periodic refinancing to lower your monthly payment if it makes long-term financial sense. In addition, the federal government offers several assistance programs to help. There are housing counselors available through the Department of Housing and Urban Development and in the wake of the COVID-19 pandemic, assistance to avoid foreclosure is outlined through several CARES Act-related programs.
6. Get Help Through A Payday Advance
Your employment status may also be key to helping you avoid a mortgage late payment. Through a payment advance, you may qualify for a short-term loan to help overcome financial emergencies like not being able to cover your mortgage, a hospital bill, unexpected travel, or home and car repairs. It can take as little as 30 minutes to qualify for a payday advance of up to $500 through Fast Payday Loans of Kentucky, LLC. A payday advance is an option for covering financial emergencies between paychecks, and there are very few requirements to qualify.
You just need a driver’s license or state-issued I.D., your most recent pay stub, and a blank check from a checking account that is active and in your name. If you qualify, you will get the payday advance cash you need that same day or the very next business day.
All you need to do to get started is fill out the short payday advance inquiry form on our website. Once you submit the form, you’ll quickly receive a call from one of our loan representatives who will walk you through the rest of the easy process.
Start The Payday Advance Process Today
A mortgage late payment can be avoided with help from a payday advance at Fast Payday Loans of Kentucky, LLC. Just go online, visit one of our many locations, or give us a call today to get started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.