Grace period when missing a mortgage payment?

[Sean Brennan]

I am refinancing my mortgage and we are going to close sometime next week. My lender said I shouldn't make my payment on my old mortgage for February because they will pay them off. They also said that there is a 15 day grace period before the loan servicer reports a delinquency, so I should be okay if anything goes wrong with the loan as long as I pay my February payment by 2/15. Anyone know if this 15 day grace period is accurate?

[Jon Holdman]

That's standard, but look at your loan documents. They should say.