Payment Change Date
Definition - What does Payment Change Date mean?
A payment change date is the date in which a loan payment changes. The payment change can reflect a number of things such as a higher interest rate. A lender is legally obliged to tell a borrower in advance of any such changes and the terms in which the changes are allowed are stipulated within the loan. Any payment change that falls outside of the legally regulated terms would be considered void and a borrower could force a lender through court intervention to review.
Justipedia explains Payment Change Date
A payment change date is normally decided by the lender, but during times of refinancing a borrower can choose the date they would like. If a payment change date is initiated, new loan terms must be clarified in any way that the change affects the loan. Many mortgages will have changing terms with buyers realizing equity in the property and refinancing for better terms.
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