Always pay it on time. Always. A late payment can mess up your credit for years.

Your mortgage payment typically includes an amount toward your loan balance, also called the principal balance, and an amount to cover scheduled interest principal payment. If you have mortgage insurance, that will also be included. Your lender may offer the option to include a monthly amount toward your property taxes and your homeowners insurance.

If you add a little extra to your payment each month to go toward your principal balance, you can reduce the amount of your mortgage payments and reduce the amount of interest you pay.

Your lender may sell your loan. It won’t affect the amount of your mortgage payment, but it may affect whom you pay and where you send your check.

Always pay your mortgage on time. Always. Always. Always.


Source: Robin Wetherbee at