Being late on your mortgage payment is broken down into quite a few different categories. It starts at 15 days late, then moves to 30 days late, and then in increments of the 30 the rest of the way, i.e. 30,60,90 days late etc. At the 15 day late point, generally speaking you will be charged a late fee in the ballpark of 5% of your monthly payment. 15 day lates will not affect your credit report. Upon hitting 30 days behind or more, these lates will drastically reduce your credit score.

You may be disqualified from some very good mortgage programs if you have too many 30 days lates or even one 60 day late mortgage payment. This will affect your refinance options if you want to lower your interest rate or payments or get cash out. It may also affect your ability to buy a new home. It is never a good idea to be late on mortgage payments. Put it on auto pay or talk to the bank or your mortgage professional if you are having problems paying.

There are many lenders, known as Subprime Lenders, that do not look to see if you make credit card payments on time. Some even ignore collections on a borrowers credit report.
But all lenders look at mortgage history when determining a borrowers eligibility for a mortgage loan.

 

 ++