What should be done if, after applying for a mortgage, repayments are sometimes overdue due to busy working or other reasons? What would be the impact of a longer delay? The following is an example of construction loans。

What happens when you pay your mortgage one day late

**1. What about the construction of a house one day late? **

If the loan is only one day late, the amount of the repayment should be immediately deposited in the bank card used to repay the loan and the repayment should be completed as soon as possible. This would avoid an extended period of time. The bank could then be contacted on its own initiative to explain the reasons for the delay and to remain sincere. Usually, a single lateness does not have a disproportionate impact on personal correspondence. However, in the event of multiple delays in repayment, personal credit would be compromised, with cumulative delays of more than six times, and the bank might even require the borrower to pay all the loans in advance。

**2. Impact of overdue repayments of mortgages**

** 1) Generating penalty:**

Each bank has a corresponding provision for overdue payments. Generally, in the case of overdue payments, the lending institution calls the buyer to pay in a timely manner, while the interest rate during the overdue period also rises and results in daily interest rates。

**2) Impairment of personal correspondence**

Overdue mortgages have a negative impact on personal letters. Some strict banks upload overdue records to the central bank inquisition system even if they are only one day overdue. Once in the system, future applications for credit cards or loans will be affected and the loan line may be reduced。

**3) Freezing of funds:**

If the delay is longer, the bank will make a call under the contract. If the purchaser continues to fail to repay the loan, the bank may file an action with the court, which may take measures to preserve the property, including the freezing of the bank account of the lender and the guarantor, the seizure of the mortgaged property, etc., until the compulsory auction to repay the bank ' s losses。

Property auctioned:**

The buyer usually mortgages the house to the bank when applying for a mortgage. If it is overdue, the bank has the right to make a public auction of the secured property. The funds from the auction are given priority for the repayment of outstanding loans and, if any, for the return to the borrower。

In the light of the above, the one-day delay in the construction of a house does not necessarily have serious consequences, but needs to be addressed in a timely manner in order to avoid an extension of the overdue period. If the delay is too long, the consequences will be more severe, and the buyer must be careful。