Can we have a serious discussion about the sanctity of paying the mortgage

[radwriter0555]

on time?

The penalties, OH The penalties!

How high is your penalty for a late payment? And do you have your payment on automatic? Something I should consider?

[R3dD0g]

1. My penalty for late payment is $25

I've never had to pay it though, had to dig out the paper to check it.

No, I don't have the payment on automatic. I get paid biweekly and the mortgage is due monthly. I pay by internet banking, and usually set the payment to go in a couple weeks before the due date - when I have money.

The mortgage is the absolute FIRST bill that gets paid! Lights, water, etc we can do without, but that roof is pretty much essential.

[Robb]

2. Yep

...hoarding away that equity is the best investment I've got going. Never skip it, never let it be late.

[histohoney]

3. $25.00

late fee here.
I also use auto pay. I also pay a little extra when I can (Not as often as I'd like.) On the fifth of the month, even just a extra $50 here or a couple of hundred there help bring the years off. We have gone from a 30 year note down to a probable pay off in 16 yrs in just 4 yrs doing this.