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Late Fees

Definition of "Late Fees"

Florette Melton
  Unique Properties of the Triad

Fees assessed by lenders when payments are late. Late fees are usually 4% or 5% of
the payment. A borrower with a 6% mortgage for 30 years who pays a 5% late charge every month raises
his or her interest cost over the life of the loan to 6.46%.

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