Comments on: If You Pay During the Grace Period, Beware of the Simple Interest Mortgage

By: It’s a Labor Day Carnival of Debt Reduction | Mighty Bargain Hunter

It’s a Labor Day Carnival of Debt Reduction | Mighty Bargain Hunter — Mon, 01 Sep 2008 05:02:19 +0000

[...] Tough Money Love explains a few subtleties regarding mortgage payment grace periods. [...]

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Tue, 26 Aug 2008 15:12:27 +0000

Evan – I will be curious to hear what you find out. Most US mortgages are monthly accrual but you never know what you might discover.

Thanks for visiting.

By: Evan

Evan — Tue, 26 Aug 2008 13:54:49 +0000

TML,

Amazing…I have never even thought about that! I did it for the first time last month, for no good reason. I will check my next mortgage statement and let you know.

I am truly amazed, nice work.

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Sun, 24 Aug 2008 17:03:48 +0000

Big Winner – Thanks for visiting. Yes you can (and I do) set up auto pay for your mortgage loan. The key as this post points out is selected the best day to pay.

By: Big Winner

Big Winner — Sun, 24 Aug 2008 14:30:16 +0000

That’s a good tip and this seems like it would be a good case for setting up an automatic payment system – if that’s available for mortgages. I’m a renter now, so I’m not sure if it is.