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We closed in June, the mortgage has been sold to FreddieMac and servicing provider is Seneca. They mailed me a form to set up automotic payments, giving me an option to pay the 1st, 8th, or 10th of the month. They say due to the terms I will not be consedered late or pay any fee if I pay on the tenth. Am I missing anything, seems I should pay on the tenth, right? Would there be 10 extra days of interest though each month?
@compassion101 wrote:We closed in June, the mortgage has been sold to FreddieMac and servicing provider is Seneca. They mailed me a form to set up automotic payments, giving me an option to pay the 1st, 8th, or 10th of the month. They say due to the terms I will not be consedered late or pay any fee if I pay on the tenth. Am I missing anything, seems I should pay on the tenth, right? Would there be 10 extra days of interest though each month?
It does not matter which date you pick ... it is purely being offered to you as a convenience. Mortgage payments are paid in arrears. That means you are paying for the previous month ... so no, you're not paying more interest. Pick a date and stick to it.