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Definition:
The "Mortgage Grace Period" is a phrase commonly used by financial advisors and lenders to describe the period during which homeowners are given flexibility to pay off their mortgage early without having to face the penalties of defaulting on payments. Example Sentence: "Your friend has just paid his last monthly payment on their mortgage, but you've been told that there's still a grace period for refinancing your loan. Don't panic! You'll have to wait a few more months before you can refinance again." This sentence is not only humorous yet unsettling due to the implication of someone being unable to refinance their home in a timely manner without facing penalties, much like being stuck with an old mortgage.
