Due to the rapid rise in real estate value, purchasing a house in the United State has become a huge challenge. The price of houses keeps skyrocketing and there is nothing anyone can do about it other than to watch helplessly. As at March 2020, the median price of houses in the United States was a whopping $320,000. In the year 2017, it was about $200,000. Home prices are increasing each year and if this trend continues, purchasing a house without the aid of a loan may become a huge problem.
You can change due date for your mortgage, which would have to be changed to any date between 1st to 28th of the month. Mortgage payment must be collected each month. You can’t change the payment date from March 28 to the 1st of May.
Mortgage loans are loans taken to fund the purchase of a home or a real estate. In the United States, mortgage debt constitute a huge percentage of the overall debt owed by its citizens. According to the Federal Reserve, mortgage debt increased to $15.8 trillion in the third quarter of the year 2019.This denotes that a huge number of United State citizens rely on mortgage loans to get a permanent roof over their head.
Can You Change Your Mortgage Due Date?
Acquiring something of great value is never easy. The same applies to obtaining a mortgage loan. Mortgage loans are usually offered by lenders such as banks, financial institutions, credit union, or building society. To qualify for a mortgage, you need to fulfill several requirements. These requirements vary for each lender or bank.
For instance, Bank A may be willing to offer you a mortgage loan with no job but huge deposit while bank B may not be willing to take such risk. Or Lender A may consider your closed account while lender B may ignore it. Their criteria varies which is why you need to get a lender who is compassionate enough to consider your financial situation, probably one who can offer you a mortgage with late payments on your credit card. Though finding such lender is as rare as finding a hen with teeth.
Due to some financial issues, borrowers often find it hard to meet up with their monthly mortgage payments due date thus prompting the need to modify the date to something that suits them. So, that brings the big question, is it possible to change due date on your mortgage?
Also, due to the fact that lenders criteria varies, you may find a lender who is against you changing your mortgage due date.
How Late Can I be on my Mortgage?
When it comes to mortgage, you definitely don’t want to make late payments, especially outside the grace period. Making late mortgage payments can attract late fees and it can also damage your payment history. If for some reasons, you find yourself 60 days late on mortgage, be rest assured that you are threading on a wrong path because you won’t like the outcome. If your bad attitude towards your loan continues and you become 90 days late on your monthly mortgage payments, your lender will file for a foreclosure which if successful could end your stay in the home you cherish. So, avoid making late mortgage payments.
Payments made outside the 15 days grace period are considered as late payments. Any payment made from the 17th of a month will come with sanctions such as late fees which is often a little percentage of the mortgage loan. Late mortgage payments can have a bad impact not only your credit score but on your mortgage loan also.
Though making early mortgage payments doesn’t come with any incentive, doing so will save you lots of embarrassment and cash. You definitely wouldn’t like a situation whereby the mortgage company or bank calls you every day to remind you of your mortgage payment. Yes, it can be that frustrating!
Is it Ok to Pay Mortgage During Grace Period?
In these uncertain periods, there exist several people who are in need of some kind of financial help or relief. This help can come in forms such as getting employed, deferring credit card payments, obtaining a stimulus from the government, etc. When it boils down to mortgage, relief may come in the form of a grace period.
Making mortgage payment during graced period is ok. Doing so isn’t wrong neither does it come with any late fee or backlash from your mortgage lenders.
When you start having sleepless nights is when you refuse to pay your mortgage fees after the grace period. Such act is often punished with a late fee which varies for each lender.
Grace period are provided by lenders to enable borrowers meet up with their payments. This period is usually 15 days and it is from the 2nd day of the month to the 16 day of the month. Normally all mortgage borrowers are meant to make their monthly mortgage payment on the 1st of every month but most lenders are benevolent enough to offer a grace period of just 15 days, thus offering them more time to make payment.
Grace period is an awesome gift to mortgage borrowers but shouldn’t be excessively relied on. If your mortgage fee is ready make the mortgage payment immediately without waiting for the grace period to take effect.
Is there a Grace Period in your Mortgage Loan?
As stated earlier, mortgage loan criteria varies for each lender, the same goes with their mortgage note and billing statements. Your lender may decide not to include a grace period in mortgage note while that of your friend may be kind enough to do so. The grace period is always 15 days from the first of every month.
To determine if your mortgage loan has a grace period, check your mortgage note. If you can’t find it on your mortgage note, it may be on you billing statements. Lenders offer borrowers to protect them from late fees. In some states it is illegal for a mortgage company or bank to decide not to offer grace period.
If peradventure grace period isn’t stated in your mortgage note, you have no choice but to take it that way and plan towards making early payment. Grace period isn’t something that is negotiable.
Can you Change your Wells Fargo Mortgage Due Date?
When it comes to mortgage loans, banking giants Wells Fargo, is one of the best. This bank is the biggest mortgage and auto lender in the United States. Also, about 10% of all small businesses make use of its services. Changing your mortgage due date is very possible, but this doesn’t apply to all lenders. Those who allow this act do so with some guidelines which must be adhered to.
For a lender like Wells Fargo, you can change your mortgage payment due date if you want to. Changing your Wells Fargo payment due date can only happen once in every 12 months. Dates such as the 3rd, 6th, 10th, 15th, 19th, 24th, 26th, 29th, 30th, and 31st of any month isn’t available for selection.
How can you change your Wells Fargo mortgage loan due date?
You can change your Wells Fargo mortgage loan due date at Wells Fargo Online or by contacting their customer service. There are some conditions you must meet to be eligible for this action. The requirements to change your Wells Fargo due date are:
- You must have made the first mortgage payment on your bank account
- The intended due date isn’t more than 15 days from your existing mortgage payment due date For instance, if your existing due date is the 5th of May, you can decide to modify it to the 20th of May, or any day between the 5th and the 20th of May.
- It must be your prime payment due date change. You are allowed to make just one mortgage payment due date modification during the loan duration.
- Having a fixed rate loan is an essential requirement
- You must have an account that is either current or nothing more than 10 days past due.
Unless a core necessity, it is best you don’t attempt changing your mortgage payment due date with Wells Fargo because doing so may accrue extra interest. Make effort to make payment on the date provided by the institution.
People change their mortgage due date for several reasons. For some, it may be because their mortgage payment due date fell on a weekend, while for others it may be because the current date doesn’t favor them and their repayment plans. Before you change your date, be sure that you are doing so for the best reasons because sometimes this act often come with some downsides which you wouldn’t like.
Loans such as Student loan, personal loan, car loan, mortgage loan, etc., have turned out to be the life saver of some Americans. Over the years, mortgage loan have helped intending homeowners who lack the financial ability to purchase a house outright, while student loan have assisted students in fulfilling their academic aspirations. Personal loans on the other hand, are there to assist people who need cash to take care of some financial obligations. Personal loans are smaller than mortgage loans and home equity loan. When it comes to applying for a personal loan, banks consider several factors before approving your request.
Conclusion:
Several accrued debts is one reason why most people find it hard to meet up with their mortgage payment. People of nowadays pull out their credit cards at the slightest provocation and spend extravagantly. Such habit leads to debt in a jiffy. If you need help regarding your debts, you can seek professional help.
Another effective way to settle those unsecured debts of yours is via debt consolidation. Debt consolidation comes with some pros and cons and they vary with the amount. The pros and cons of taking a $50,000 debt consolidation loan is quite different from that of a $10,000 debt consolidation loan. So be wise and weigh your options when it comes to repaying your debt fast.
