Question 5: Is there a prepayment penalty? In some states, prepayment penalties are no longer allowed. If they are allowed, then, generally, prepayment penalties allow the lender to collect an additional six months of "unearned interest" if you pay the loan off early through a refinance of sale of the property. Ask the following questions about a prepayment penalty... How much is it?... What are the terms?... Will the prepayment penalty apply if I refinance through you later on?
Once you buy a house, you’re locked into a mortgage for 30 years, right? Wrong. Most banks have done away with prepayment penalties and made it easy for you to save money on your mortgage and pay it off early. Your mortgage may be the biggest expense you ever have, so why not cut it down and get rid of it as quickly as possible? These tips make it easy to pay your mortgage down fast
http://www.indianotes.com/Analysis/No-more-prepayment-penalty--Cheer-for-home-loan-borrowers/174086/2/PF NHB has barred the housing finance companies (HFCs) from charging prepayment penalty on floating rate home loans. In case of the fixed rate home loan, the prepayment penalty can be charged. The board has also directed the HFCs to maintain uniformity in floating rate between new and old borrowers. #Xchange #IndiaNotes #financialPlanning
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