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?

: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)

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Discussion

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 🤸‍♀️