Personal Finance (Not Investing) • Mortgage Payment Grace Period

OP, what you described is how ThirdFederal works for mortgage payments. For me, the main advantage is that my mortgage is set to autopay and a portion of a paycheck is deposited into the ThirdFederal account. This grace period allows for factors like weekends and holidays that delay my check deposit. For ThirdFederal, as soon as enough money is in the account they take the withdrawal any time after the due day. I do not use this as a money optimizer or anything like that. Just some flexibility between when income arrives and the expense is due.

Does ThirdFederal have a grace period?

Also, how does ThirdFederal characterize the method by which interest accrues;specifically, does it expressly state that interest accrues daily (as opposed to monthly, which is the case for most mortgages)?

Statistics: Posted by tonyclifton — Tue Oct 01, 2024 9:02 pm — Replies 50 — Views 4969