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Making prompt payments

If you know anything about credit, then you know that it is important to repay promptly. Your mortgage, as a form of credit, follows the same rules. Simply put, you must always make your mortgage payments on time.

There are a number of reasons why it is important to do so. First of all, your lender keeps track of your monthly payment record. If you frequently make late payments, then it will be difficult to refinance for a better interest rate down the road. Missing mortgage payments is even worse. Late is always better than never. If you know in advance that your payment will be late, get in touch with your lender immediately.

Moreover, your lender reports your monthly payment record to credit bureaus. That means that any mistakes you make are there for the world to see. More specifically, they are there for your future creditors to see. You might not qualify for low interest rates on credit cards, a car loan, or other important purchases if you do not demonstrate that you can successfully repay a loan.

A good way to make sure that your mortgage payments are always prompt is to get in the habit of sending the check on the same day each month. Be sure that you send it early enough to allow for processing time, which varies from lender to lender.

Some companies now offer the ability to make mortgage payments online or to have them automatically deducted on a certain day each month. These are fantastic alternatives for people who value convenience or for people who tend to be careless with bills.

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