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Sergio Said:

how do i figure out a monthly payment on a mortgage?

We Answered:

Don't forget to factor in your property taxes, PMI and insurance when figuring your monthly payment. Those are not included in online calculators.

Bradley Said:

What would being 2 weeks late on a mortgage payment do to my credit?

We Answered:

No late payment can be reported to the credit bureaus unless that are 30 or more days late so as long as your paying the late fees you fine credit wise.

You should contact your lender and see if you can get you due date changed so you can avoid the late fees.

Tyrone Said:

What is a hard or soft mortgage payment?

We Answered:

You mean hard or soft pre-payment penalty.

Hard pre-payment penalty (PPP) means that you pay the penalty whether you sell the home or refinance.

Soft PPP means you only pay it if you refinance, but you can sell the home without having to pay it.

Kathleen Said:

What happens if I am a few days late with my monthly mortgage payment?

We Answered:

Generally there is a grace period of a few days before late charges are imposed. In my case I have 10 days. It varies from lender to lender and each state has laws governing how large late charges can be. It is normally stated on your statement, or definitely on the original note if you can dig it up.

Don't get in the habit of paying late and pushing the limit or it will come back to bite you!

Chris Said:

When asked what my mortgage payment is, should it include escrow or just principal and interest?

We Answered:

Everything, PITI - the goal of asking is to get an idea of your monthly outgo - plus, they will get they info anyway when they pull your credit report, so it looks better if you are completely honest.