Mortgage Grace Period: What It Means For You
When you close on a mortgage, your lender gives you a grace period to make your first payment. This grace period is typically 15 days long, but can be as long as a month. During this time, you are not required to make any payments toward your loan principal or interest. However, if you do not make your first payment within the grace period, you will be charged a late fee.
The grace period is important to know about because it can give you some flexibility in making your first mortgage payment. If you know you will have the money to make your payment within the grace period, then there is no need to worry. However, if you are not sure when you will have the money to make your payment, it is important to contact your lender and let them know. They may be able to work with you to extend the grace period or give you other options.
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