Just found this forum and looks very cool so far. so let me test it out. I just did a home refi. Started the process end of Oct/early Nov. And based on my mortgage brokers recommendation, I did not make a Nov payment. I got a call from GMAC about mortgage payment and asked the mortgage guy late in Nov. But he said not to worry. I ended up closing right before Thksgiving. And was funded in the beginning of the week. A wire was sent on the 30th. Posted Dec 1. Do I need to worry about any affect on my FICO score by having Nov mortgage payment made past 30 days? Thx
Welcome to Creditnet perryf! Our forum is cool, so we hope to see you around often This is a good question. I would have recommended that you make your payment on time as usual. If your payment was due on 11/1 (late on 11/15) and you never made a payment, your old lender probably hit you with a late fee once the 15th came and went. In your case, you didn't even fund the new loan until 12/1 so you were already 30 days past due. Since the loan was paid off so close to the 30-day mark, I'm hoping they don't report a late pay to the CRAs. If they do for some reason, I would get in touch with the old lender right away, explain the circumstances, and request that they remove the late pay as a courtesy. It'll definitely hurt your FICO scores if they do end up reporting it. Fingers crossed that they don't... I always recommend that people just make their payment as normal to avoid mixups like this when finalizing a refi. The balance on the refi will just adjust downwards to reflect the additional principal paid and everyone is happy.
According to the broker, I'd still be ahead paying a late fee past the 15th by paying Nov at the reduced interest rate. What's a good ballpark for how long to wait to check my report after an event like this to see if it's been affected? Thanks for quick answer by the way!
Yea, brokers like to play that game, but I think's it safer to just pay as normal and make sure you don't have to mess with a late pay that could remain on your credit reports for the next 7 years. That's just my opinion though. I would give it another 30 days and if no late pay shows up then you're probably home free.
