when can a bank charge a late fee on a mortgage payment?

Answer 1

When it is made after the "late date". Typically there is a due date, say January 01 and a date after which the payment is considered late, January 10. If your payment arrives after the 10th you will be charged a late fee

Answer 2

Payments are usually due on the 1st of the month. Most banks will give you a 14 day grace period. So usually on the 15th is when they charge the late fee.

Answer 3

the next day after the grace period. Most banks say it's due on the 1st, late on the 16th. So if you pay on the 16th expect to get a late fee assessed. It will also depend on what day the 15th falls on. I pay online so if the 15th falls on a saturday they will give you until the 17th (Monday) to get the payment in without a late fee being charged.

Answer 4

Within recent years [I'm "guesstimating" within 7 years], this area has been more defined.

I remember when it was the date on the check.

Then it was the date the stamp on the envelope was canceled.

Then it was the date the letter was received by the recipient.

Then it was the date the payment was posted "on the books"

Today, it might be when the check cleared and the money was actually transferred from your checking account to the lender's account.

To get THE ABSOLUTE correct answer to your Q, you should call or e-mail the lender or the company where you mail the payments to.
Make a note of the day, date and time of who you spoke with. AND/OR keep a copy of that original e-mail and the response with your important papers.

AND keep that record with your coupon book or bank statement.

Thanks for asking your Q! I enjoyed answering it.

VTY,
Ron Berue
Yes, that is my real last name!

Answer 5

hj_thorne is correct. Most lenders will give a 15 day grace period before charging you a late fee. These can be pretty hefty on a mortgage loan so find out how much it is by calling your lender. They should be able to give you that info over the phone.

Answer 6

Usually there is a grace period depends on the bank though. Just give them a call or go in and ask a banker.

Answer 7

This will depend on the agreement you signed. you will have to find the paperwork or look at the paperwork that comes with your bill - if you get one.
Most banks vary with their agreements - so the exact time period varies

Really want to know - call them

Answer 8

Whatever date it says they can in your note. (Usually 15 days after the due date) Do something novel these days ... read it.

Answer 9

The day it is considered late

Answer 10

When you pay it after the date that it is due.