· A prepayment penalty is a fee some mortgage lenders charge if a borrower pays off his loan before a specific period-typically within the first two-to-five years of the mortgage. A prepayment penalty is less common today, but some mortgages still include this extra cost.
Beware of the Mortgage Prepayment Penalty A prepayment penalty on a mortgage essentially charges you. Getting a Prepayment Penalty. A prepayment penalty is part of the loan package, Generally, your loan officer will prefer a mortgage.
· Prepayment Penalty. By Investopedia Staff. A prepayment penalty is a clause in a mortgage contract stating that a penalty will be assessed if the mortgage is paid down or paid off within a certain time period. The penalty is based on a percentage of the remaining mortgage balance or a certain number of months’ worth of interest.
There are other variables to these penalties, including the fact that some lenders don’t consider a sale of a home a "prepayment" and others allow you to pay up to a certain amount before the penalty kicks in. The terms of the prepayment penalty vary significantly, so it’s important to read through your mortgage paperwork.
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A: You have raised an important issue, namely dealing with any prepayment penalty that a lender imposes. Not every mortgage loan contains a prepayment penalty. You can find out if your loan has a.
If you have a prepayment penalty in your mortgage agreement, do the math to figure out whether the interest you’ll save from paying your loan off early will offset the penalty. There are several.
Related Terms: Loan Prepayment, Prepayment Penalty. Borrowers are able to make prepayments on a mortgage loan by paying extra on their monthly.
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Dale A. Whitman, Mortgage Prepayment Clauses: An Economic and Legal Analysis, Real Estate Loan Prepayment and the Prepayment Penalty, 51 CAL.
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Following that rule, some of the big banks and S&Ls have reinvented the mortgage prepayment penalty. Many years ago, these penalties tied up almost every mortgage loan. You were charged a fee for.