It’s harder than ever to not only buy a home in the United States but continue to pay for it. Even with low-interest rates, home prices have skyrocketed across America and inflation is impacting everyone’s wallet. The result is that many homeowners struggle to avoid a late mortgage payment.

If this sounds like you and you’re facing a financial emergency, there are ways to avoid a late mortgage payment and keep your credit intact and you away from financial emergencies. Here are some options to consider when you need help handling your mortgage payments.

Use These Tips To Avoid Paying Your Mortgage Late

Pinpoint Your Mortgages Actual Due Date

It seems simple, but many homeowners make a late mortgage payment because they are mistaken about their due date or don’t even know it. You can find your mortgage due date in your loan paperwork. This paperwork not only dictates the exact mortgage due date but the principal and interest owed, as well as where to send payment. The due date is usually the first of the month.

Take Advantage Of A Grace Period

Many mortgage companies offer a grace period to help homeowners avoid a late mortgage payment. Such a period is typically 15 days after the due date, and your mortgage documents should outline the terms of the grace period. Remember, there are usually fees when you pay the mortgage during a grace period, and it should not be used every month. Always try to pay on time.

Work With A Housing Counselor

Your mortgage payment is not set in stone and if you find yourself frequently facing a late mortgage payment, it’s likely just not affordable. In addition to refinancing periodically if it’s a viable option, homeowners can get outside assistance.

A housing counselor, especially one that is approved by the United States Department of Housing and Urban Development, helps consumers make the best financial decisions relating to their home and mortgage. They can also walk you through your options to lower your mortgage cost each month. A local attorney may also be able to help.

 

 

Set Up Auto-Draft

Many Americans have more bills than ever these days, not just food, mortgage, or rent, but also everything from monthly HOAs to television streaming services. It can be challenging to keep up with every single due date and know what’s due when. Setting up auto-draft helps avoid a late mortgage payment by automatically paying on the same date.

While setting up auto-pay, it may also help to double-check that you are including accurate information about your bank account. Even with auto-draft, a late mortgage payment may occur if the wrong bank account information is entered, including your account and routing numbers.

Try To Pay In Advance

Whether you pay directly or through auto-draft, a good rule of thumb is to try to pay your mortgage a few days or so before its actual due date. This helps you avoid a late mortgage payment by giving you a sufficient window to correct any errors that occur. When you wait until the last minute to pay, there’s a higher chance of payment being late because of a minor error.

Get In Touch With Your Mortgage Company

If you make a late mortgage payment or realize that you will have to pay after your due date, give your mortgage lender a call. Many are open to discussing what went on and will listen to details about your specific financial situation that may have led to or will lead to the late payment. Especially if you’ve never been late before, they may forgive the temporary lapse.

Consider An Online Title Loan To Help Handle Your Late Mortgage Payment

Sometimes, no matter how many helpful tips you have, you might still be late paying your mortgage, or an emergency gets in your way. If a financial emergency is getting in the way or you are late in paying your mortgage and need help, an online title loan is an option for short-term relief.

If you have a lien-free vehicle title to use as collateral for this loan, an online title loan at New Mexico Title Loans, Inc., can provide up to $10,000 for those who qualify — and you get your cash the same day or very next business day. Plus, you can still qualify if you have poor credit.

All you need is a driver’s license or state-issued I.D., your vehicle for a quick inspection, and the lien-free title to your vehicle. Just fill out the short online title loan inquiry form on our website and one of our loan representatives will give you a call to guide you through the rest of the easy process.

We can either come to you or you can bring the required items with you to the nearest New Mexico title loans location. Either way, we will inspect your vehicle to determine how much you could get. We will also assess your information to determine if you qualify for approval.

If you do, we will go over the loan terms and help you finish the simple paperwork. Once you are finished, you can get the cash you qualify for either on the same day or the next bank business day at the latest. And you can even keep your vehicle while you repay the loan.

Get Your Mortgage Paid On Time Today

Paying your mortgage late can make for a stressful time. But when you have these tips in mind, you can avoid a late mortgage payment easily. And if you need extra help paying off a late mortgage, an online title loan can make a big difference in helping you. Just fill out our online form or give us a call today to get started on the process.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.