What is considered a late rent for mortgage?

Question

I am applying for a mortgage and pay my rent on the 7th each month. I am not charged a late fee by complex. I have read that mortgage companies only consider rent late if it is more than 30 days. Is that true?

Answer 1

They are all different. But remember, just because there is a late fee doesn't mean it will effect your credit. Credit is only reported every 30 days, so on the 30th day you are late, it will ding your credit.

Answer 2

That depends on the company. There are also different levels. You can be late and not have any penalty. Then there is late and you will be assessed a late fee. Then there is late and you will be reported to a credit agency. Mine, 15 day grace period and after 30 they start taking action

Answer 3

Quizzard said it right. If you do not co-operate, you will be pushing the L to change the terms of the lease when it ends. Also, he may file a 3 day notice to pay or quit the next time you are late. You should know that you have a good Landlord.

Answer 4

Depends on company policy. Mine is late after 15 days

Answer 5

The condition that meets "late rent" is in your existing lease agreement. But in general no late payment charge means no late rent.

Answer 6

As long as your complex isn't charging you the late fee, then they are not reporting you as paying late.

Answer 7

Maybe...depends on the mortgage...it is written up. However, if you pay like that it will make your credit report look like crap. They do care and if it's always at the deadline or past it will not be a good thing at all for your future plans. Pay on time or early!!!

Answer 8

30 days is the "grace" period but technically your payment is late if it is one day past your due date. That is why there is a due date - its due on that date.

Answer 9

no late fee....not late.

Answer 10

Yes it is.