Question:

What is a home loan grace period?

Answer:

All real estate lenders allow a home loan grace period - a period during which they won't charge you late fees if your payment has not yet arrived.

Home Loan Grace Period Tips

Stay within the grace period. For simple and obvious reasons, you need to know what the grace period is on your home loan agreement. Thus, late fees will be avoided, collection phone calls will never annoy you, and you don't run the chance of incurring additional $300 bucks on a simple interest mortgage.

If you use third party servicers - one never knows how third party companies will perform. Sometimes they may post your payments on time. However, borrowers do report falling performance within time. To avoid incurring late fees for someone else's fault, you could set up automatic deduction from your checking account to be sent to the lender on specific dates.

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