Mortgage Grace Period: What It Means For You

If you are a homeowner, you might have heard the term “mortgage grace period” thrown around. But what does it mean and how can it affect you? A mortgage grace period is the time frame between when your monthly mortgage payment is due and when a lender will begin to charge late fees. This period of time varies from lender to lender, but most lenders give borrowers about 15 days before fees start to accrue. Knowing this information can help you plan accordingly if something were to happen that would delay your payments.

The most important thing for homeowners with a mortgage grace period is understanding how long they have until their payment is considered late by their lender. Generally speaking, paying within the allotted window will save you from having to pay any unwanted fees or penalties.

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