Any adult should be under no illusion that a lot of money is to be made in every single real estate transaction taking place.
And it is enough to feed a multitude of professionals and service providers.
This is why any party in the real estate value chain tend to prioritize clients by judging (and even measuring) the likelihood of closing and how soon closing will be.
The grace period refers to the amount of time a borrower can be late for payment without being penalized with extra charges.
Different lenders can have varying standards and procedures regarding the payment grace period.
However, it generally lies between 10 to 50 days.
Contract chicanery is the unethical business practice of stealthily inserting provisions into a loan contract that are severely unfavorable to the borrower.
This is the biggest scary nightmare that cause borrowers to jump up from bed at night screaming in horror.
For example, a lot of borrowers often get a surprise when finding out about an annual fee charged to their accounts, charged for having average account balances fall below a certain range, be charged higher interest rates all of a sudden.
In modern practice, closing costs refers to any expense that has to be paid in order to complete and close a real estate transaction.
However, in the lending market, closing costs refers the all the expenses necessary to close a loan.
Because of how much of a role lenders play in a property transaction due to mortgages, the term closing costs can be a source of confusion and misinterpretation by professionals.