how late can you be on mortgage payment
First Missed Mortgage Payment. If you miss your first mortgage payment, your lender will typically offer you a grace period of fifteen days. During these fifteen days, you can send in your payment without being considered delinquent. Once this grace period is up, however, youâll be charged a late fee. This fee is usually a fairly substantial percentage of your mortgage, such as 2 to 5 percent of the monthly payment amount.