Subnostr

Dumb question: I want to pay my mortgage w/my Fold card.

Next due date is Aug 1st. My regular autopay would go out Aug 3rd.

WHEN do I make the manual payment?

I’ve had weirdness with loans before where a payment received BEFORE the due date is applied as an extra payment for the PRIOR period but then I would STILL owe the upcoming payment amount AFTER the due date. I don’t want the bank telling me I owe them a second mortgage payment.

tldr: “due date” really means “pay AFTER this date, but within 30 days.” Yes?

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Discussion

:P 2y ago

Normally you have 3-5 days after the due date to make the payment otherwise the payment would be considered late and late fees would be applied. (this will be specified in your mortgage contract) they can’t take legal action unless your 30+ days late and this varies from state to state.

If the bank receives more than what is owed during any billing period it’s applied to the principal (you can’t prepay for the following billing period)

Keith Mukai 2y ago

Okay. So as expected, to be safe I’ll have to wait until the 1st but then have a tight-ish window to make sure I get the payment in.

I guess I’ll also call to confirm. Would be nice if there was an option to only credit payments towards the next statement (no additional principle payments by default).

:P 2y ago

#bitcoin fixes this!

Keith Mukai 2y ago

Well… what if I set a low fee on Aug 1st and Ordinals pt2 start raging and my payment sits in the mempool past my grace period AND THEN gets purged as more txs pile in?

plebeian 2y ago

You can always use RBF or if you’re sending to yourself “child pay for parent” gymnastics 🤸‍♀️

armstrys 2y ago

In my experience it seems common that most banks consider the due date the first but payment is not late until the 15th. If you pay early they may apply the payment toward your principle instead of a usual monthly payment.

I had some weirdness happen with how debit card payments were applied through my credit unions online portal and they were able to fix and give me more detailed information on how to handle it going forward. So you should probably call your lender too!

Keith Mukai 2y ago

Yeah, I hate calling but I’ll call.

I first encountered this when my student loans came out of deferment. They said, “your first payment is due on X date” so I paid it ~2 weeks before what I thought was a deadline.

Later my account status was “You are past due and consequences, consequences…”.

Called them and learned that “due date” doesn’t mean “due date” but rather “pay just after date”. They waived the penalty with a stern warning that it would be the last time they would forgive this mistake.

At which point I was enraged again that they’d blame me for their terminology that a normal person would misunderstand.

Library books have a due date (return by)

Pregnant women have a due date (expected around)

Loan payments have a due date (pay AFTER)

“due date” is a f’n disaster of a term.

Keith Mukai 2y ago

Yep, you were right on the money @npub1eq94yj8maree90pm53gfr76wdc44su3cwcqmly848xfrv6es6usqg4er58 . Just got off the phone. I have to pay on or after the "due date" (1st of the month) and have a 15-day window. Anything else would be considered an additional principle payment.

armstrys 2y ago

Well you also nailed it about the terminology. I’ve always been one to worry (a lot) about late payments. Mine now goes out on the first on auto-pay 😂

Don’t know how they get away with such unclear terminology.

Keith Mukai 2y ago

Ya, I'll kick myself if I screw up a payment. I'm switching off the autopay just so I can pocket 1% of my mortgage back in sats via Fold!

CatJP 2y ago

Due date is the date you pay. Full stop. Don’t pay after that date, otherwise you will be paying it late and may incur a fee