Home loan borrowers are often in a hurry to prepay their loan.. years,” says Vipul Patel, Founder, Mortgageworld, a loan consultancy firm.
Check your loan documents for any owner-occupancy clauses.. If you have a prepayment penalty, your mortgage company must make it clear.
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The prepayment penalty is essentially a fee that is paid to the bank for paying your loan off early. They used to be much more common than they are today, but there are certain loans that will still contain one; if you fall into any of these categories, make sure to read your closing documents carefully.
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The best way to avoid prepayment fees, of course, is to choose a personal loan or mortgage without prepayment penalties. If you’re stuck with a prepayment penalty on your loan, however, all is not lost. There are ways to avoid paying loan prepayment penalties. Here’s what you need to know in order to avoid prepayment penalty fees.
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More specifically, some lenders require borrowers to pay a penalty for prepaying the mortgage – sometimes the amount of this penalty is based on a sliding scale depending on how long you’ve held the mortgage (for example, if you prepay after one year, you might have to pay a fee worth 4 percent of the total loan amount, compared to a penalty of 3 percent after two years) and sometimes a one-time fixed amount.
What is a Prepayment Penalty? 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. When a bank creates a mortgage loan, it wants to keep this loan long enough to earn a return on the investment.
A prepayment penalty is a fee that some lenders charge if you pay off all or part of your mortgage early. If you have a prepayment penalty, you would have agreed to.
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