Stay Ahead of Mortgage Payments
Life gets hectic, and sometimes bills fall behind—maybe even your mortgage. Whether it’s due to a financial setback or you simply forgot, missing a payment can lead to late fees and credit score damage. We want to help you stay on track and avoid those consequences.
Remember When Your Payment Is Due
Many mortgages are due on the first of the month, and typically allow for a 15-day grace period. That means if your payment is received before the 16th, you could still avoid a late fee. (You can locate your payment’s due date on the online portal or on your billing statement.) Still, it’s best to pay on or before the due date to prevent delays or penalties. Grace periods vary by state, so check your loan documents for specifics.
If You Pay Late, You Could Incur a Fee
If your payment isn’t received by the end of the grace period, a late fee may apply—often up to 5% of the overdue amount. For example, a missed $1,800 payment could result in a $90 fee.
Verify Your Bank Info
One of the most common reasons for payment delays? Entering incorrect account or routing numbers. Always double check your banking details before submitting to avoid processing issues.
Set Up Autopay
Autopay (also called autodraft or ACH) can simplify your life. Once enrolled, your mortgage payment is automatically withdrawn from your bank account on a schedule you choose—monthly, bi-weekly, or semi-monthly. Just make sure your account has enough funds to avoid overdraft or NSF fees. Tip: Schedule your draft a day or two after payday to ensure funds are available.
Don’t Let Yourself Forget
If you prefer manual payments, set calendar alerts or phone reminders to help you stay on schedule. Paying early in the day can also reduce the risk of last-minute hiccups.
Know Our Cutoff Times for Processing
Shellpoint’s payment systems have daily deadlines. Mailed payments must arrive by 3:00 p.m. EST, while online and phone payments must be submitted by 11:45 p.m. EST. Payments received after these times will be processed the next business day, which could result in a late fee.
Examine Your Spending Habits
If money’s tight, take a closer look at your monthly costs. Identify areas to cut back and prioritize your mortgage payment.
If You’re Already Late
Even if your payment is past due, you may still have time to avoid credit damage. Payments aren’t reported to credit bureaus until they’re 30 days late. Try to pay before the end of the month to protect your score and minimize fees.
Staying current on your mortgage helps protect your credit and avoid unnecessary costs. Shellpoint is here to support you if you need guidance.
Reach Out for Help
If you’re worried about missing a payment—or already have—don’t wait. Call Shellpoint at 866-317-2347. Our team can walk you through your options and connect you with financial counseling resources. For non-urgent questions, log into your account and use the live chat feature on your dashboard.