Why might you want to change your mortgage payment’s due date? Usually, it depends on when you are paid. Maybe you are paid on the 5th and 20th of every month. Because of this payment schedule, you might have more money in your bank account later in the month rather than earlier. You might want to change your mortgage payment due date from the 1st of the month to the 21st.
Ideally, you’d have enough in savings to pay your mortgage comfortably on whatever day of the month it is due. But if you aren’t at that point yet, you can request a change in payment date from your mortgage lender. Just make sure that even if your lender makes this change, you work to save money so that you always have enough money to cover your mortgage payment and other bills no matter when you get paid.
How to request a new payment due date
There’s no secret formula to getting a new mortgage payment date. You’ll need to contact your lender, usually at the number listed on your monthly mortgage statement or online loan portal. You can then ask a representative with your mortgage company if it is possible to change your payment due date.
Your lender will typically want to know why you need a new date. A valid reason might include a change in when your employer usually pays you. Maybe you used to get paid on the 1st of every month but now you aren’t paid until the 5th. You might request a payment date after the 5th of the month.
Or maybe you rely on another source of income — such as alimony payments, royalties or regular income from a legal dispute — that is deposited on a certain date each month. You might explain to your lender that you’d rather make your payments after those funds are deposited each month.
Even if you have what you think is a good reason to request a new payment date, remember that your lender doesn’t have to honor your request. Some mortgage lenders are more flexible than others about making changes to your payment schedule. Some might have a strict rule that payments are always due on the first day of the month, and they might not be willing to make a change.
Other options
If your lender isn’t willing to change your due date, you’ll need to figure out how to build up your savings so that you aren’t struggling to come up with the necessary funds each month. Remember, too, that most lenders offer a grace period of up to 15 days after your payment’s due date before they charge a late fee.
That grace period could give you some flexibility, but you don’t want to rely on a grace period. It’s better to build up your savings so that you can make your mortgage payment in full on or before your due date each month.
