Will Late Bill Paying Impact A Mortgage Application?
September 12th, 2008 By Peter G. Miller
Generally no, because credit reports largely deal with payments that are at least 30 days late.
However, be aware that being late may cause you to violate loan and credit agreements, such as mortgage contracts. While many creditors have a grace period during which late fees are not assessed, a late payment is still — well — late.
Also, there are lenders who really, seriously, no-kidding mean that a payment is due by a certain date, there is no grace period, and they will assess penalties and even seek foreclosure for tardy payments. It’s not usual, normal, or reasonable, but there are lenders and loans to be avoided.
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