What are late fees on a mortgage?

Late fees can be charged only in the amount specifically authorized by the mortgage documents you signed. State law may also limit the amount of late fees that you can be charged.

For a loan you’ve applied for, check page 3 of the Loan Estimate to find out how much the late fees will be. For a loan you’re currently paying back, check page 4 of the Closing Disclosure.

Tip

Paying on time avoids a late fee and protects your credit record. Be sure to review your Loan Estimate and Closing Disclosure to understand your mortgage payments, interest, and fees.

Note: You will not receive a Loan Estimate or Closing Disclosure if you are shopping for:

• A reverse mortgage
• A home equity line of credit (HELOC)
• A manufactured housing or mobile home loan not secured by real estate
• A subordinate loan through certain types of homebuyer assistance programs

For these kinds of loans, you should receive Truth-in-Lending disclosures. If you are shopping for a reverse mortgage, you will also receive a Good Faith Estimate (GFE) and a HUD-1 Settlement Statement.

If you have a problem with your mortgage company, you should discuss the issue with your lender. You can also submit a complaint to the CFPB online or by calling (855) 411-CFPB (2372). We’ll forward your complaint to the company and work to get you a response – generally in 15 days.

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