Late Charges - Charges that the lender may require the borrower to pay if the borrower fails to pay all or a portion of a required installment payment within 15 days after it is due. This charge may not exceed 6 cents for each dollar of each late installment.

Lease Option - A “lease with option to buy”. This is a way a person with poor credit can “rent to own” a property. Typically a person with poor credit chooses to buy this way. The advantages are that a price is usually locked in for the buyer and that some of the monthly payment goes towards building equity in the property. Once the leasee’s credit has improved then he/she truly buys the property by taking out his/her own mortgage.