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Prepayment Penalties – Prepayment Penalty Provisions in the Contract

Always ask where the prepayment penalty provision is in the contract. One mistake many borrowers make before they close the mortgage is not reading the provisions of the contract they have with the...

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Prepayment Penalties – Prepayment Penalties in Prime Loans

Prepayment penalties can be advantageous in prime loans.  If you are prime borrower, you can negotiate for lower interest rates on your mortgage if you take on a prepayment penalty. Many lenders are...

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Prepayment Penalties – Negotiating the Terms of Your Prepayment Penalty

You can negotiate the terms of your prepayment penalty. Prepayment penalties are common among subprime mortgage loans because borrowers who avail of them have a higher chance of refinancing when their...

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Prepayment Penalties – Prepayment Penalty and its Benefits to the Borrower

Prepayment penalties should always hold a benefit to the borrower. When you decide to include a prepayment penalty in your mortgage, you must always think about the benefit that you can derive from it....

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Prepayment Penalties – The States on Prepayment Penalties

There are some mortgage loans and some states that do not require or have outlawed prepayment penalties. FHA loans, VA loans, and USDA loans do not have prepayment penalties. This is a big plus for...

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Prepayment Penalties – 20 Percent Advanced Prepayments Without a Penalty

Lenders usually allow up to 20 percent advanced prepayments without a penalty. This is standard practice among most lenders. You can make partial payments of up to 20 percent of the loan balance each...

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Prepayment Penalties – How to Get Rid of Prepayment Penalties

It is nearly impossible to get rid of the prepayment penalty once the loan closes. Rarely will you be able to waive the prepayment penalty once you have closed the loan and you only “discovered” it...

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Prepayment Penalties and Other Loan Features in the Good Faith Estimate

Prepayment penalties and other loan features are clearly presented in the Good Faith Estimate. Before, prepayment penalties and other required disclosures of the Truth in Lending law were not made...

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Refinancing Unveiling the Mystery – When Refinancing is not a Wise Option

When Refinancing is not a Wise Option   There are times, however, when refinancing will mean being on the losing end of the bargain. One of these times is when you are already well-advanced into your...

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Ten Things to Avoid when Getting a Mortgage – Avoid Prepayment Penalties

Avoid prepayment penalties as much as possible. Prepayment penalties are provisions in the contract with a lender that states that borrowers will pay a penalty in case the entire loan is paid off...

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