Late Fees

Definition of "Late Fees"

Lisa Strnad
  Keller Williams Realty

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%.

Search Real Estate Glossary

Related Real Estate Glossary terms

Related Real Estate FAQ