When people think about buying homes, most of them will look to get mortgages as a part of home buying transactions.
During the process of getting a mortgage, the borrower has to go through a lot of mortgage terminologies like loan tenure, monthly payments, escrows, etc.
While you are at closing your title company will ask to sign tons of documents and you can’t read the entire fine lines at the time of closing.
You must take a look at the mortgage note that the kinder will provide you with a copy of after you have closed on a house.
The original mortgage note will be kept by the lender and would be returned to the borrower only once the mortgage is paid off.
On the mortgage note, you will know if your lender is providing a mortgage grace period for your mortgage payments along with the payment due date every month. (Mostly 1st of every month).
The mortgage grace period will help you prepare for your monthly mortgage payments and will avoid any late fees or credit issues.
You might also find the information about the mortgage grace period on your mortgage statements.
However, if you are making your first payment, you might want to check on the mortgage note to ensure the due date and if the lender has given a provision of mortgage grace period for your specific loan.