What Happens When the Mortgage Payment due Date Falls on Weekend?

weekend on a calendar

Purchasing a home is a very big achievement. You become free from landlord harassment, paying rent fees, and you eventually have a roof over your head that you can proudly call your own.

When your mortgage payment due date falls on a weekend, you may have the opportunity to make payment the next business day. If you calculate that your mortgage due date will falls on a weekend, it is best to make payments before the due date.

As you know, houses are quite expensive and this makes purchasing them a major challenge. Some of the few wealthy people out there can buy a house outright; that is, they can make a complete payment on the house of their choice without the help of a loan. For others, they may have to take a mortgage loan to make the purchase due to their financial insufficiency.

What Happens When the Mortgage Payment due Date Falls on Weekend?

Just like other loans, mortgage lenders are often careful about who they offer mortgages to. Everyone wants to make money and not lose it. To ensure that you are creditworthy enough to repay the loan, lenders often go through your financial records. They check your credit history, credit score, payment history on your credit cards, your accounts, including other financial criteria to satisfy their curiosity and get the guarantee that they aren’t making the wrong decision by offering you mortgage. The criteria of lenders varies. Lender A may be willing to offer you mortgage with no job but large deposits while lender B may be unwilling to take that risk. Or lender A may not consider that delinquent closed account of yours, while lender B may prioritize it.

Mortgage payments is also a major issue concerning mortgage. Some borrowers make mortgage payments late and are punished with late fees or foreclosure. Generally, your mortgage payment becomes due on the 1st of every month but sometimes lender offer 15 days grace period. So ensure you make your mortgage payments on the due date or 15 days after (if given a 15 days grace period by your lender) to avoid late fees.

Make sure you make no mistakes regarding your mortgage payments due date so you don’t became unfortunate. 

What if Due Date Falls on Weekend?

To avoid paying late fees and having your credit score damaged, it is paramount that you pay your mortgage fees on the date due. Typically, this date is always on the first of the month, but if you aren’t ok with it (probably because it falls on a weekend), you can request for a change of mortgage due date. I am not guaranteeing you that your lender will change the date because, like I earlier said, all lenders operates with different policies. For instance banking giant, Wells Fargo, allow eligible borrowers to modify their mortgage payment due date. Other banks may frown at the idea.

Some lenders or banks accept payments on weekends, so be sure to know if your bank operates on weekends before making the decision to make payments the next working day. You wouldn’t want a small mistakes to be the reason for your late fee punishment. Late fees can add extra financial burdens.

Is it Okay to Pay Mortgage During Grace Period?

Money isn’t really easy to get these days. The little amount of cash some of you earn as monthly salary is often used to pay loads of bills and settle several unpaid debts. Things are quite hard for the average individual and harder for those who have one or two debts around their neck.

For this reason, some lenders offer grace period to borrowers so they have adequate time to hustle for their monthly mortgage payment. In some states, it is paramount that lenders or banks offer borrowers grace period which normally lasts for 15 days.

A grace period is simply a period of time after the due date which a payment can be made without attracting a penalty which is always in the form of late fees. This 15 days period is popularly included in not just mortgage loans, but insurance contracts as well.

If you can’t meet up with the normal deadline (which is always on the first of every month) you can make payment during the grace period. This denotes that you have just 15 days from the due date to make your monthly payment. Failure to make payment during that period would attract a penalty.

Sunday on Calendar

The penalty, a late fee, increases as you stall on your mortgage payment. For instance you’ll pay more late fees when you are 60 days late on mortgage and less when you are 20 or 30 days late. When you become 90 days late on your mortgage, your lender may file for a foreclosure which could see you lose your home. Not all lenders like the idea of filing for a foreclosure due to the stress involved and its cost, so they will likely want you to reason with them regarding why you are yet to fulfill your end of the deal and how to tackle the issue.

Why Lenders Provide Grace Periods to Borrowers?

If not for grace periods several mortgage borrowers will have been in big trouble. Grace period offered by lenders is a huge relief to mortgage borrowers. It reduces the pressure and gives them little more time to make their monthly mortgage  payments. You shouldn’t abuse the grace period neither should you rely on it too much. Paying your mortgage when due remains the best step to take. You should only embrace the grace period if you can’t meet up with the due date.

Lenders offer grace period to safeguard borrowers from late fees. Late fees vary for every lender and is usually a percentage of your mortgage loan. There are also several states in the U.S. that make it illicit for banks and lenders to decide not to offer grace periods to their borrowers.

Some lenders structure the mortgage they offer in such a way that borrowers will have to pay interest during the grace period. If the loan you are offered is a conventional loan, you won’t have to pay interest charges until the expiration of the grace period. Some lenders though will charge you interest each day you don’t pay after the due date.

How Do you Know if Your Mortgage Has a Grace Period?

Certainly no one wants to be choked with debts. We all love the idea of lenders offering borrowers grace period. Grace period provides borrowers some time to make their mortgage payments (for those who failed to do so on the due date). Though not all lenders offer grace period especially in states where not doing so isn’t deemed as illegal. So how do you know if your Mortgage Company or lender offered you a grace period?

You can either find information regarding grace period on your billing statement or your mortgage note. Your mortgage note should be the first place to check. In the mortgage note, it is stated if you have a grace period or not inducing other vital information. If you discover that grace period wasn’t mentioned on your note, it doesn’t exist.

You must know that grace period isn’t something you can negotiate with your lender. If it doesn’t exist, it doesn’t exist; it is as simple as that. To enjoy the grace period, do your homework on benevolent lenders around. A very benevolent lender can decide to give you a mortgage with late payment on your credit card, though finding such lender is often quite difficult.

How Many Days Late can you Pay Mortgage?

Making early mortgage payments is as refreshing as taking a chilled soda under the scorching summer sun. You have nothing to worry about and gleefully look forward to the next month. But if for some reasons you failed to make mortgage payments on the due date or during the grace period, you’ll have nightmares and will be restless.

To avoid late fees or any other punishment that comes with late payments, you have to make your mortgage payment on the due date (which is usually on the 1st of every month) or during the grace period which is 15 days after the due date. Mortgage payments made outside the grace period is considered to be late.

Even if there is no reward attached to making early mortgage payment, doing so is for your good and the good of your payment history.  You never can tell, that poor credit score of yours which was as a result if your late mortgage payment may hinder you from obtaining that loan you’re in dire need of.

What happens if you Fail to Make Your Payment Within The Grace Period?

Grace period offer borrowers that little wiggle room when it comes to settling their mortgage. It is usually 15 days after your mortgage payment due date. This denotes that before the 16 day, your mortgage for that month should have been paid.

If for some reasons you failed to make your payment within the grace period, there are some consequences you should look forward to. To begin with, you will have to pay late fees which are usually imposed in form of late fee or a percentage of your monthly payments. Foreclosure occurs when you are 90 days late.

Mortgage pay day

When the next month comes, the late fees will add up and put a much larger financial burden on you. Aside from this, late payment also damages your credit score. After 30 days of payment default, your lender will report you to credit reporting agencies, and if you fail to make on time mortgage payment, your credit score will take a huge nose dive.


Loans have provided individuals with a lifeline. These loans which ranges from Student loans, car loans, mortgage loans, personal loans has been of great help to the American citizens. Thanks to mortgage loan you can own a house. Since its inception in the 1930s, mortgage loan has been of a great help to several people assisting them acquire the home of their dream. But obtaining this loan isn’t easy, the same goes with repaying it (if you are eventually given). The same goes with personal loans. Obtaining personal loans isn’t easy as well. Banks look at several factors before approving your application for a personal loan. When it comes to comparison, personal loans are usually smaller than mortgage and home equity loans and the reasons why can be found in this post.


One of the main reasons why people find it hard to make early mortgage payment is because of the outstanding debts they have around their neck, these debt could be credit card debt, student loan debt, etc. If you are in such a situation, I have a solution for you.

Seeking professional help is a good way of eliminating your debts. This help usually come in the form of a program which is designed to help people with financial struggles and debts. Several people have enrolled in these programs and it has worked well for them.

Debt consolidation is another way to quickly eliminate your debt but this method comes with its own pros and cons. For instance, obtaining a debt consolidation loan of $50,000 comes with some pros and cons the same goes with other amounts.

While in debt or while paying your mortgage, it is best you take certain measures to ensure that you aren’t wasting money. You may need lots of cash during this period. One of the best ways to restrict the way you spend and halt the accruement of debts like credit card debt is by limiting the way you use your credit cards. Generally, review the way you spend so you can repay your debt in time.

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