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Impact of late mortgage payments apply for new mortgage

What is the impact of a 30 or 60 day late mortgage payment when I apply for a new mortgage? Do I need to show 12 - 24 months of on-time payments?

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

The answer to your question depends on the timing of the late mortgage payments and your current credit score.  If the the late payments occurred recently and negatively impacted your credit score then we recommend that you wait approximately six months for your credit score to improve before you apply for a mortgage.  You may be able to qualify for a mortgage today with a lower credit score but lenders will likely charge you a higher interest rate which can cost you thousands of dollars more in interest expense over the life of your loan.

If the late mortgage payments did not occur recently and are not adversely affecting your credit score then it should not impact your ability to qualify for a mortgage if you apply today.  Please note that regardless of when the late payment occurred or your current credit score, most lenders require borrowers to submit a written explanation that addresses any late payments as part of their mortgage application.

We recommend that you review of comprehensive explanation of your credit score and the mortgage process as well as our Mortgage Expert Insights on How to Improve Your Credit Score Before Applying for a Mortgage

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About the author

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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