Being late for a mortgage payment is different than missing it entirely.
Many institutions offer up to a 15-day grace period (aim within 10 days for extra security) if you’re late with your payment. But don’t become reliant on this leniency.
Missing a mortgage payment completely means you’ve missed one payment in your cycle. So, when you owe 12 monthly payments a year but only make 11, you’ve missed one payment.
The consequences for missing a mortgage payment vary but might include penalties such as:
Lowering your credit score
Higher fees
Possibility of losing your home […]
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