Late Charge at Mortgage Glossary
What is it? A fee a lender imposes on a borrower when the borrower does not make a payment on time.Mortgage Dictionary Term Added By: Avery
The Late Charge definition has been viewed 132 Time(s)!
Send To Friends!
If you'd like to send the Late Charge definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Late Charge. If you need any more information on this term, please don't hesitate to contact us.
Other Similar Mortgage Terms:
Mortgage Term Splash block is A slanted block used to divert runoff water from a downspout away from the foundation.Mortgage Term Loan servicing is The tasks a lender performs to protect a mortgage investment, including collecting monthly payments from borrowers and dealing with delinquencies.
Mortgage Term Interest-only loan is The pays only the interest that accrues on the loan balance each month. Because each payment goes toward interest, the outstanding balance of the loan does not decline with each payment.
Mortgage Term Punitive Damages is Damages awarded to one party to punish another party for dishonest conduct. Meant to deter others from committing a similar offense.
Mortgage Term Cooperative (co-op) is A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.