Late Payment
Definition of "Late Payment"
A payment made after the grace period stipulated in the note, usually 10-15 days.
Popular Mortgage Terms
The process of determining whether a prospective borrower has the ability to repay a loan. Qualification Versus Approval: To be approved for a loan, a prospective borrower must ...
A measure of interest cost on a reverse mortgage. ...
The longest period for which the lender will lock the rate and points on any program. On most programs, the longest lock period is 90 days; some go to 120 days and a few to 180 days. It ...
A term that small lenders sometimes use to distinguish themselves from mortgage brokers. ...
A documentation requirement where the applicant's income is not disclosed. ...
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A mortgage on which the borrower gives up a share in future price appreciation in exchange for a lower interest rate and/or interest deferral. SAM's in the private market had a brief ...
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A payment made by the borrower over and above the scheduled mortgage payment. If the additional payment pays off the entire balance it is a prepayment in full; otherwise, it is a partial ...
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