Grace period
Definition
The period after the payment due date during which the borrower can pay without being hit for late fees. Grace periods apply only to mortgages on which interest is calculated monthly. Simple interest mortgages do not have a grace period because interest accrues daily
Related Terms Other terms related to 'Grace period' starting with the letter 'G' Graduation rate, Good fairy syndrome, Graduated payment mortgage GPM, Generic prices, Guaranteed Mortgage Price Agreement Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 