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Nobody should have to tell you of the importance of making on time home loan payments. However, people still find themselves in a situation where they have trouble making their payment on time and maybe even miss one. If you are in this situation, here are a few things you need to be sure of in reducing the damage the lateness can cause.
First, contact your lender and get the payment in as soon as you can. There may be a late fee associated with the payment and you should pay it as well. Ask the lender if there is any way that you can avoid having this payment reported to any credit agencies and usually they will have options for you to avoid that. A late payment on a home loan is a credit nuisance and is hard to get past.
If you do find no remedy to your lender reporting the lateness to the credit agencies, your next step is to contact the agencies yourself. There is typically nothing you can do to get that taken off of the reporting, but you can make sure that the report accurately reflects the fact that the payment was made and the home loan is still in good standing. This can help you reduce the damage to your credit score.
Lastly, and most obviously, do not do it again. From now on, do what you can to send your home loan payment in at least one week before its due date. The easiest way to avoid this problem in the future is to pay early and get ahead.