Mortgage Lateness - When a customer does not pay their mortgage on time, their lender may report the lateness to a credit bureau.The severity of the lateness is measured by the number of days by which the payment is late.
A lateness of 30 days is reported when 2 payments are due.
Even if you have latenesses recorded on your credit report, there are still excellent programs which your mortgage broker will be able to help you qualify for.
A lateness of 60 days is recorded when 3 payments are due
There are different types of 100% loans. You can
either get 1 loan for 100% or an "80/20" loan. Speak to your mortgage
professional to see which program is best for you!
