A Consumer’s Guide to Mortgage Refinancings – Your current mortgage has a prepayment penalty. A prepayment penalty is a fee that lenders might charge if you pay off your mortgage loan early, including for refinancing.
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A prepayment penalty is a fee for paying off a loan "too early." See how these penalties work and how to avoid paying extra charges.
Prepayment of loan – Wikipedia – As another way to compensate for prepayment risk (which is a reinvestment risk), a prepayment penalty clause is often included in the loan contract. "Soft" prepayment terms can allow prepayment without penalty if the home is sold. "Hard" prepayment terms do not allow any exceptions without penalty.
then make one extra mortgage payment for that year using the total, which is the equivalent of how much extra you would pay annually on a biweekly plan. Before you go this route, however, confirm with.
For example, Tioga State Bank advertises a "no closing cost" mortgage, but states if it is closed or discharged within three years, the borrower is responsible for paying back the waived fees. Another possibility is that a lender will charge a prepayment penalty for making payments ahead of schedule.
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· Prepayment is the satisfaction of debt before its official due date, such as refinancing a mortgage. There are sometimes penalties.
Does Your Loan Have a Prepayment Penalty? – Total Mortgage – 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.
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· In some states, prepayment penalties are no longer allowed, so ask. Typically, prepayment penalties let the lender collect an additional six months of "unearned interest" if you pay the loan off early through a refinance or sale of the property. Be sure to ask: How much is the prepayment penalty? What are the terms of the prepayment?
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