You worked hard to save your money, build good credit, and buy your home. Now that you’re a homeowner, you'll need to make your mortgage payment, in full and on time, every month.
Why it’s important to pay your mortgage on time:
- You made a financial commitment to your lender to pay your mortgage on time, and in-full, every month.
- Your mortgage is a loan, and being late on your payment – or missing your payment – can have a significant negative impact on your credit score.
- If your payment is late, you may be charged a late fee – potentially adding hundreds of dollars to your monthly payment.
- Missing 3 monthly payments can prompt a foreclosure procedure.
If you think you may have problems paying your mortgage, now or in the future, reach out to your lender as soon as possible. You may want to consider talking with a housing counselor – they may be able to help you regain your financial footing.