What does Grace Period mean?
Grace Period - In relation to mortgage payments, a grace period refers to a set period of time after a payment is due during which a borrower can make their payment without incurring a late fee. The grace period is typically between 10 and 15 days, during which time the lender will not charge the borrower a late fee if they make their payment.
Related Terms
Contract For Deed
The 72-Hour Clause
Low-Documentation Loan
Amortization Tables
Restructured Loan
Consumer Credit Counseling Service (CCCS)
Verification of Deposit
Landscape Contractor
Appraised Value
Seller Carry-Back
Bridge Loan
Balance Sheet
Tear-Down Condition
Index
Property Report
Resale Value
Recission
Letter of Intent