fbpx

What is the Grace Period on a Mortgage?

A lot of my clients have asked me what the grace period is on their mortgage. The answer is it depends on your loan agreement. Typically, a borrower has until between the 10-15th of the month to make his mortgage payment without it being considered late. If payment is received after that, it is late and the borrower will likely be charged a late fee.

If the payment is 30 days late, this is the point when the lender notifies the credit agencies. Not only will your wallet be affected by late fees and possible penalties, your credit will also be impacted. A late mortgage payment can drop your credit score up to 110 points. If you have a history of paying 30 or more days late, a lender may notify the credit agencies when the payment is 10-15 days late.

Bottom line, know your agreement with your lender and pay on time, every month. If you don’t know what your grace period is, call your lender and find out.

Hi! I’m Holly, the founder of Financial Impact and an award-winning financial coach. I help career-driven leaders and entrepreneurs create wealth, take the stress out of managing money, and feel confident and powerful when it comes to their finances.

what i do as a financial coach

get the book
simple wealth

Get Started

Get the guide to Discover Your Impact Number and get started on your path to wealth today

NEEd a financial coach?

START A BUSINESS WITH ARBONNE

Financial Impact is a proud supporter of the PLEDGETTES

A community of supportive women making money moves to achieve their unique financial goals.

Categories

Read the first chapter of Simple Wealth for FREE

Get Started on Your Path to Wealth

Get the guide to discover your Impact Number and get started on your path to wealth today!



Want to join our team?

Please fill out the form below and we’ll reach out to you!

Get the latest from The Impact Factor™ Blog

Find out what’s going on at Financial Impact, and start building wealth today