Topic: Prepayment Penalty
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Answers to Common Questions
How to Calculate Prepayment Penalties
Some lenders charge prepayment penalties on mortgage loans. If you pay off your loan or refinance it within a specified period of time, such as three to five years, you will be assessed a penalty. Lenders use prepayment penalties as a way t... Read More »
Source: http://www.ehow.com/how_6667252_calculate-prepayment-penalties.ht...
How to Weigh the Costs of Prepayment Penalties
Before you sign with a lender, read the fine print about any prepayment fees. If you aren't sure, ask your lender to highlight the penalty clauses. If it isn't written, you should request that all the prepayment penalties (or lack of any) b... Read More »
Source: http://www.ehow.com/how_5330728_weigh-costs-prepayment-penalties....
What is Prepayment Penalty?
Fee paid to a lender for the privilege of paying off a loan prior to maturity. A prepayment penalty, which may decline in the years after a mortgage was originally booked, is intended to compensate the lender for loss of income in future ye... Read More »
Source: http://www.answers.com/topic/prepayment-penalty
More Common Questions
Answers to Other Common Questions
Whether you are getting a loan or already have one, you will likely be charged a prepayment penalty if you have to pay off the loan during the first two to five years of the loan period. However, there is a way to avoid paying extra fees.
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Source: http://www.ehow.com/how_7229_avoid-prepayment-penalties.html
California Civil Code Section 2954.9 (a) (1) Except as otherwise provided by statute, where the original principal obligation is a loan for residential property of four units or less, the borrower under any note or evidence of indebtedness ...
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Source: http://wiki.answers.com/Q/What_is_California_state_law_on_prepaym...
You may pay a prepayment penalty to pay off your home mortgage early. The IRS allows you to deduct that penalty as a mortgage interest deduction on your income tax return as long as the penalty is not the result of a service connected to th...
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Source: http://www.answerbag.com/q_view/2244205
By Peter G. Miller The Internet has been humming with a new mortgage debate in Washington: With apologies to Shakespeare, to have prepayment penalties or to ban them, that is the question of the day. On August 15 and within five minutes of ...
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Source: http://www.trulia.com/blog/realtytrac/2008/12/how_to_end_lethal_p...
LS That means that there are no additional charges to the borrower for paying all or part of the loan off early. Typically with prepayment penaties, the penalty kicks in if the borrower pays more than for example 20% off in a given year pri...
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Source: http://www.trulia.com/voices/Financing/What_does_no_prepayment_pe...
If this prepayment penalty is written into the contract, no way can you get out of it. Usually, though, the prepayment penalties last about 3 years. At the end of the 3 years, the prepayment penalty will be gone. Also, some companies will f...
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Source: http://wiki.answers.com/Q/How_can_you_get_out_of_a_home_loan_prep...
They will be unhappy because they will not have their money out earning interest. You basically have to pay them the interest they would have made. Also, if you bought it from a dealer and financed it through the dealer they kicked back a f...
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Source: http://answers.yahoo.com/question/index?qid=20091020062613AA5D9oE
