Late fees may be charged if we do not receive your payment until after your grace period. Almost every mortgage has a grace period for late payments within a certain number of days after payments are due (usually 15 days). This grace period was determined in your mortgage agreement, and Valon has no control over it. Payments made within this grace period are not subject to late fees.
The effective date we consider for your payment will depend on the payment method:
- Online Payments and AutoPay: the date the payment is initiated
- Checks, BillPay, money orders, and wires: the date the payment is received
To minimize the chances of a late fee, please ensure that you are sending your payment to the correct address and that the check arrives before the end of your grace period. For an explanation of late fee amounts, you can refer to our fee schedule!
💡 Tip: We don't charge late fees during the first 2 months following your loan's transfer to us.