I just bought my 4th rental property. I always set up everything for automatic payment after the 1st day and before the 2nd week of the month. The reason being, I get all of my rents by that time. Not that I HAVE to get the rents first. But if I'm ever close one month due to a lot of repairs or something, it makes it easier to know I've got the buffer.
I've had mortgages with Wells Fargo, Bank of America and Nation Star. All 3 had payment due by the 1st (same as Flag Star) and never had issue with me paying after the 1st but before the grace period end date (the 15th). Nation Star on the other hand gets down right overbearing by about the 5th of the month. Even after the payment goes thru, they will call every day leaving messages that I need to call back "about an important business matter involving my account which cannot be ignored." If I don't call back, they never cease calling and leaving messages. I'm pretty rude every time I talk to them. Should I be?
Should I technically pay by the 1st? Am I just a complete ding dong, jerk, a-hole for waiting till the 7th of every month? Will this come back to haunt me somehow? The bank did reaffirm me: "There will be no late fee's or credit repercussions as long as you always by the 15th." When I said, I really don't care to treat Flag Star differently than my other banks, they freak out acting like I'm doing something really wrong. But, could never give me reason why I should pay by the 1st and won't specifically name any repercussions from my just continuing on the way I always have.