Profile picture for jennyharriman8

My Home is closing.. should I pay this months mortgage?

I am selling my house.. it is under contract.  Closing to happen 2/14.  Should I pay my mortgage payment for Feb?
  • February 06 2014 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (7)

You should pay the mortgage as scheduled.   If you have not paid you will accrue interest up to the day of closing and the interest will be against the unpaid balance which if you had not paid would be higher.   Pay it now!  And,, never use the "Grace Period", it is a way for the lender to earn more money because when you do make the payment they will take say 43 days interest instead of 30 and on the 1st you owe a new payment
  • February 07 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, you should pay the mortgage that month.. just so you are covered!  If you've 'overpaid' when the deal closes, your mortgage company will send you a refund, or if there is time it will work out at the closing table.  Better that, than to pay a penalty for late payment, and a ding on your credit,  if something happens that delays your closing.
  • February 07 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for nonaswann
Jenny,

The best answer is YES. If you are closing on the 14th the closing agent will mail your payoff usually overnight to the mortgage company. The company should receive it on the 17th. Now you will owe a late fee. If you make your payment online and your title company has already pulled a payoff the extra money from the payment will come back to you in your closing of your escrow accounts. That is assuming that your mortgage company is holding escrow for your insurance and taxes.

Your payment is not lost money but a late payment penalty is money lost!
  • February 06 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

YES !!  
Short and sweet. :)
  • February 06 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Yes, you should pay your mortgage payment for Feb!    If there happens to be any delay, you may miss the deadline.  

  • February 06 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Ask the people closing it if they have asked for the payoff yet and if you should pay it. I would tend to think you won't since they will be asking the lender how much you owe soon, next week for sure.
  • February 06 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There are two issues here.  A late fee of 5% will be added if the payoff isn't there by the 15th and if you don't  make the payment right now, it may or may not be included in the final payoff given to the title company. If you make the payment by mail it may not get there in time to be credited properly. If making the payment on line is not an issue or a hardship for you, making it now will save you the late fee and not cause a problem with getting a correct payoff.
  • February 06 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.