Reply to Courtesy Calls from Wells Fargo aka Shitheads

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Definition of 'Grace Period'

A provision in most loan and insurance contracts which allows payment to be received for a certain period of time after the actual due date. During this period no late fees will be charged, and the late payment will not result in default or cancellation of the loan. A typical grace period is 15 days.
	
Investopedia explains 'Grace Period'

[b]A grace period is usually the only a feature of a loan on which interest is calculated monthly[/b], if it is calculated at all. Under some loan contracts, payments outstanding during grace periods are interest free, but the majority have interest compounding during the grace period. Be sure to check your loan contract for the specifics on any grace periods.

Credit cards for example, on which interest is calculated daily, do not have any grace periods.

Read more: http://www.investopedia.com/terms/g/grace_period.asp#ixzz1wTBCdpq1[/quote]

But for your basic fixed rate mortgage, I'm guessing, no interest is calculated during the grace period. Otherwise some lawyer would have explained this during closing and DH and I, who both get finance pretty well, would have paid attention. Instead we haven't been concerned about paying on the 1st but, like the other poster, are paying more each month.[/quote]

You are one of the few intelligent people on here.  Good grief, no wonder why so many people have defaulted on their loans, idiots are abundant.  13:42 needs to go back to baking cookies and stop trying to think about finance.

The simple loan poster is just not even worth adressing, hopefully everyone here who is responsible for a mortgage payment understands, at the very least, that it is not a simple loan.  This was a comcept introduced in high school.
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