Definition of "Late Fees"

Sharon Kunz real estate agent
Sharon Kunz, Real Estate Agent American 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%.

 

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