My mortgage due date is 1st of the month, and late charge date is 15 days later. As long as I pay the mortgage on/before 15th of the month, there will be no late charge. However, I have the following questions:
1) If I pay mortgage on 15th instead of on 1st, will the payoff amount different 5 years later? In other words, is the payment applied on the actual date or a certain set date (e.g.15th), and how is the balance amount calculated?
2) If I pay mortgage on 15th instead of on 1st, will it affect my credit score? I know if I pay after 1st, it’s late.
3) In property tax case, there is due date and there is delinquency date. It’s best to pay on delinquency date rather than due date. But is the mortgage case similar? Maybe not.
Thanks a lot for your answer.