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Phil Powell
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I am a Real Estate Broker and Owner of The Property Shoppe in San Diego. I am also a Senior Loan Officer. I have over 15 years of Real Estate and Lending
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Phil Powell answered:
Hi Moevanna11,
This question gets asked a lot from sellers and sometimes when a homeowner is refinance their existing mortgage. Your lender will most likely charge the late fee if not paid by the 15th. You mentioned you are scheduled to close escrow on the 28th. As it gets closer to that date you'll want to keep a close eye on anything that might delay the close a day or two or even a week. Sometimes there could be a slight delay waiting on the Buyer's new loan to fund. Hopefully, your agent keeps in close contact with the Buyer's agent.
If it looks like escrow is going to be extended beyond the 30th, I would go ahead and make the payment. Otherwise, the Lender may consider it a 30-day late and report it to the credit bureaus as such. Good luck and hope this helps! You'll also want to notify your escrow company if you do need to make a last minute payment. They will be able to make any final adjustments at closing.
This question gets asked a lot from sellers and sometimes when a homeowner is refinance their existing mortgage. Your lender will most likely charge the late fee if not paid by the 15th. You mentioned you are scheduled to close escrow on the 28th. As it gets closer to that date you'll want to keep a close eye on anything that might delay the close a day or two or even a week. Sometimes there could be a slight delay waiting on the Buyer's new loan to fund. Hopefully, your agent keeps in close contact with the Buyer's agent.
If it looks like escrow is going to be extended beyond the 30th, I would go ahead and make the payment. Otherwise, the Lender may consider it a 30-day late and report it to the credit bureaus as such. Good luck and hope this helps! You'll also want to notify your escrow company if you do need to make a last minute payment. They will be able to make any final adjustments at closing.
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