I have a late showing on my credit report on my mortgage loan , will this affect any future mortgage loans?
Answers:
It will but the impact impact may be small if other bills are paid timely.
We are looking at a few points off of your score.
many lenders are not bothered by an occasional late payment as long as all others are okay.
Be aware that some credit cards will, if they find out about it, kick in the default APR rate on your credit cards.
Do not call and ask about this. Read your credit agreement instead. You do not want to bring it to their attention.
Get your loan back in good standing - pay on time for a few months and then ask the mortgage company to remove the late payment from your credit. Most are very good about that when your loan is caught up an you are showing effort.
Then it won't affect your credit at all.
Good luck!
It depends on how recent the late payment is and how soon you will be applying for a new mortgage. Any late installment payment is going to cause your credit score to drop and the more recent the late payment the greater the score drop. This usually results in a higher interest rate and thus a higher payment. Some companies have underwriting standards that penalize people for late mortgage payments. The last time I applied for a mortgage the underwriter said they allow one time over 30 in the previous 24 months - anything more and you pay a higher rate. Different mortgage lenders have different rules so you may want to check around. Good Luck
Yep, and it will cost you time and money to deal with it.
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