Q: I have a mortgage on an investment property that has a prepayment penalty. I have an offer to sell but the sale will result in repayment of the mortgage and the penalty. Is this payment a reduction.
Borrowers who prepay their Federal housing administration (fha)-insured mortgages will not have to make interest payments beyond the date their mortgage is paid in full, under a new rule recently.
· These penalties are known as “prepayment penalties.” That’s where consumer protection laws have kicked in. In some states, the law says that a lender can’t enforce a prepayment penalty. However, these laws generally apply to a first mortgage on a residential loan and usually only on a homeowner’s primary residence.
Mortgage holders seeking to pay off the loan principal early may incur a stiff penalty from their lender. These fees–called prepayment penalties–protect a lender from lost interest revenue.
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* The mortgage prepayment calculator results are based on the information you provided and are for illustrative and general information purposes only. This calculator is not intended to provide specific financial or other advice, and should not be relied upon for this purpose.
What Is a Prepayment Penalty? A prepayment penalty is exactly what it sounds like, a penalty for paying off your loan early. Certain mortgages, and specifically home equity lines of credit, can come with a prepayment penalty.
Q. My current loan has a prepayment penalty. How is the penalty calculated, and when (and how) is it assessed? A.Housing Smarts asked mortgage broker paul scheper, vice president of Loan Link.
· A mortgage prepayment penalty, also called an early payoff penalty, is a fee that is charged if you pay off your principal balance early. It’s typically equal to a certain percentage of the overall unpaid principal balance at the time of the payoff.
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Mortgages. If you do see a prepayment penalty, it’s most likely on a mortgage loan. While it has become less common since the 2008 housing crisis, some mortgage loans still come with these fees, which can add up to thousands of dollars. Not all mortgages have them, but if yours does, you.