ABA Family Legal Guide

Buying and Selling a Home

Financing a Home Purchase

Key Provisions of the Loan Documents

What is a late-payment charge?

Most home loans include a late-payment charge. The borrower must pay a fee if the lender receives the monthly mortgage payment late. These charges can be very expensive. You will want to make sure you know when your loan payment is due and allow enough time for it to arrive by the due date if you are mailing your payment.