Mortgage - Questions Regarding Late Charges
What does “grace period” mean?
If your payment doesn’t arrive in our loan servicing area by the due date, it is considered late. You may have a grace period before a late charge will be assessed to your loan account, usually 15 calendar days.
When are late charges assessed to my loan account?
Late charges are assessed per the terms of your mortgage loan note, usually assessed on the 16th day following your due date. For example: if the payment is due on the 1st of the month, and the payment is not made by the close of business on the 15th, the late charge will assess overnight on the 16th
When is my payment considered late?
- Your payment is due in our loan servicing area on or before the due date. It is considered late the following day.