Mortgage payment arrears might have serious repercussions. You might be late on your mortgage payment for a variety of reasons. First, there’s the age-old problem of amnesia. If your mortgage isn’t set to autopay, you can forget to make the online transfer or write out the check.

Unfortunately, even a single late mortgage payment may harm your credit score, so it’s better to avoid having a late payment reminder on your record. Therefore, before you look for refinance mortgage Long Island, let’s know more about the issue.

Impact of Credit Score

In most cases, paying the mortgage just a few days late does not affect your credit score. Mortgages usually include a grace period that varies depending on the lender. Some house loans include a grace period of 15 days.

However, yours may be shorter. In any case, there should be no negative implications if you make your mortgage payment a few days beyond the due date.

Credit score harm might occur when you are 30 days or more late on a refinance home mortgage payment. What kind of harm are we talking about? It has determined by a variety of circumstances.


When you cannot pay your refinance home mortgage for an extended length of time, the last resort is foreclosure. The lender takes possession of your home through repossession in this procedure. When you get a mortgage to buy a house, the house itself serves as collateral for the loan.

If you do not make your payments, your lender will repossess your house. In the event of a foreclosure, your credit score would suffer significantly up to a 160-point decrease, according to FICO.

And it will follow you for up to seven years. The good news is that there are choices to examine before arriving at this stage.

Avoiding Late Mortgage Payments

Automating the procedure is the greatest approach to prevent being late with a mortgage payment due to carelessness. In most cases, you may have your mortgage payment deducted from your bank account every month.

Set a calendar reminder if you wish to write a check yourself. If financial difficulties are keeping you from making on-time mortgage payments, speak with your lender rather than simply ignoring the payment’s due date.

In such a situation, your late payment will not record to credit bureaus. And your credit score will not suffer as a result.

Need To Pause the Mortgage Payments

You want to put your mortgage payments on hold for a prolonged time due to a financial crisis. So, you can request that your loan service place your mortgage in forbearance. That might afford you many months of mortgage-free time.

Keep in mind that your payments will not forgive under forbearance. They will only be postponed until a later date. However, by doing so, you can prevent a negative impact on your credit score.

It comes with being late on a payment or numerous payments. Late payments on any loan can have a significant negative impact on your credit score.

The Bottom Line

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You’ll get just a few of the reasons why our experts recommend this card as a top choice for helping you get control of your debt.


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