- An instalment or sum of money that is paid to a lender after the due date as specified in the loan agreement.
late mortgage payment, missed payment penalty
Related Terms and Acronyms
- Application Fee — Definition,
- What the lender charges to process the document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Instalment — Definition,
- The regular periodic payment that a borrower agrees to make the lender.
- Late Charge — Definition,
- A fee imposed on a borrower for not paying on time
- Loan — Definition,
- Letting another party use something of value temporarily.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Mortgage Payment — Definition, Important,
- A periodic payment used to pay off a mortgage's principal and interest.
- Penalty Rate — Definition,
- Several percentage points higher than a card's current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate.