process of getting a mortgage<\/u><\/a>, the borrower has to go through a lot of mortgage terminologies like loan tenure, monthly payments, escrows, etc.\u00a0<\/p>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.<\/p>
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.\u00a0<\/p>
The original mortgage note will be kept by the lender and would be returned to the borrower only once the mortgage is paid off.\u00a0\u00a0<\/p>
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).\u00a0<\/p>
The mortgage grace period will help you prepare for your monthly mortgage payments and will avoid any late fees or credit issues.<\/p>
You might also find the information about the mortgage grace period on your mortgage statements.\u00a0<\/p>
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.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t