Late Payment


Definition of "Late payment"

Sandra Lockhart & <br>Lisa Hernandez
  Opes Real Estate Group

Payment received after the due date. A penalty and/or interest may be charged on such payment. For example, a bank may charge a penalty of $25 if a mortgage payment is received after the tenth of the month.


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Incorporeal Interests

Right to insurable interest in property such as the right of a secured creditor in the property pled ...

Target Risk

prospective buyers of insurance classified according to various demographics such as age, sex, and ...

Operating Leverage Ratio

Premium income divided by the surplus account. ...

Effective Date

Date at which an insurance policy goes into force. ...

Professional Liability Insurance

Coverage for specialists in various professional fields. Since basic liability policies do not prote ...

Graduated Payment Mortgage (GPM)

A mortgage on which the payment rises by a constant percent for a specified number of periods, after ...

Related Real Estate FAQ

Do I Need Flood Insurance?

Over 90% of all presidential-declared disasters in the United States are flood related. Leveling for ...

How Much Will My Principal Be?

This calculator figures your principal balance after any number of payments. Input the beginning pri ...

What Is A Fixed-rate Mortgage?

A fixed-rate mortgage is a type of mortgage in which the interest rate is fixed for the life of the ...

What Is A Convertible ARM?

A convertible ARM is an adjustable- rate mortgage (ARM) that can be converted into a fixed rate mort ...

What Is A Foreclosure?

A foreclosure is the legal process by which a mortgage property is seized due to default and then so ...

What Is A Mortgage?

A mortgage is a legal document that pledges your property as security (like collateral) for a loan. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Mortgage Loan Types 5 signs of house foundation problems Why Right Now is a Good Time for Millennials to Buy a Home Rent or Buy - the pros and cons 3 tips to ensure your sale goes through

FAQ

What are closing costs? What do I need to know about Group Health Insurance? What is an interest rate? What does Fannie Mae mean? What is a balloon mortgage?