What is a grace period for mortgages?
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The Curious Bag
ANSWERS: 1
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A grace period is the time between the date that the mortgage payment is due and the date that a late fee is assessed. Grace periods typically last a week or two, and are stipulated in the mortgage contract. A longer grace period is put in place for cases of mortgage transfers. If you send your payment to your old service company you have a 60-day grace period, as stipulated and enforced by the Federal Trade Commission.
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