Home > Personal > Personal Lending > Mortgage > Mortgage Resources > Glossary > Late Payment Late Payment November 9, 2021 A payment made later than agreed upon in a credit contract and on which additional charges may be imposed.You Might Also Like: Living QuartersSpring Maintenance Checklist for Your Home All Things CommunityHoli-days of Giving 2022 Everyday MoneyGiving Back During the Holiday Season Living QuartersYour Top Mortgage Questions Answered Living QuartersHow to Understand Mortgage Language