Late Payment


Definition of "Late payment"

Sandra Lockhart & <br>Lisa Hernandez
Sandra Lockhart &
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.

Have a question or comment? We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 

Search Real Estate Terms

 

Popular Real Estate Terms

Lending Agreement

Contract in which the borrower agrees to the terms of a loan including payment dates, interest rate, total cost of the loan, and late payment fees. ...

Confession Of Judgment

Provision in a credit contract specifying that if the lender sues the borrower for late payments, the borrower accepts guilt in advance, irrespective ...

Late Charge

Fee payable because of late payment. For example, a mortgagor is assessed a $30 late charge by the bank for not paying the mortgage payment when due. ...

Balloon Mortgage

Mortgages typically amortize over time through fixed value installment payments. However, there's a type of mortgage that doesn't: the Balloon Mortgag ...

Late Payment

A payment made after the grace period stipulated in the note, usually 10-15 days. ...

Naic: Model Group Life Insurance Definition And Group Life Insurance Standard Provisions Model Act

Model state law of the NAIC setting general standards for group life insurance contracts. It specifies which types of organizations can sponsor group ...

Popular Real Estate FAQ

What Are Basis Points?

Basic points relates to changes in the interest rate for your home. ...

What Is An Agent?

A person authorized to work on anothers behalf-for instance, a person authorized to sell or buy a house on your behalf. ...

What Are Prepayment Penalties?

A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off of the loan in the event that you inherit a small f ...

What Is Cooperative?

Cooperative is a form of home ownership in which you own shares in a corporation. In return for the purchase of shares, you are allowed to live in a u ...

What Is A Title?

A title is the right of property ownership. ...

What Is Earnest Money?

Earnest money is a deposit you make when you make an offer on a house. ...

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

Down Payment: Everything You Wanted to Know Luxury Real Estate Forecast Furnished Rental Tips for Real Estate Investors How to Buy a House Quickly What is a Credit Score and How Does it Impact Real Estate?

FAQ

What is a loan-to-value (LTD) ratio? What is an appraised value? What do I need to know about Term Life Insurance? What is a lock in? What is cooperative?