Mortgage Without Prepayment Penalty
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A prepayment penalty on a mortgage essentially charges you extra if you pay off the mortgage early. What is considered early, however, will be laid out in your loan documents and therefore must be scrutinized carefully. Not all mortgages come with them, and they are certainly not required.
A mortgage prepayment penalty, also called an early payoff penalty, is a fee that is charged if you pay off your principal balance early. It’s typically equal to a certain percentage of the overall unpaid principal balance at the time of the payoff.
A prepayment penalty is usually specified in a clause in a mortgage contract stating that a penalty will be assessed against the borrower if she significantly pays down or pays off the mortgage. Cs Mortgage FHA, Conventional Mortgage in Hays, KS | CS Mortgage – Welcome to the official site of CS Mortgage.
· A mortgage lender who intends to include a prepayment penalty provision when offering to make a qualified fixed rate consumer mortgage is also required to offer a comparable, alternative mortgage arrangement without a prepayment penalty provision. Thus, when a prepayment penalty is involved in a consumer mortgage it will be a QM with a fixed rate.
By choosing a mortgage without a prepayment penalty, you’re keeping your options open and protecting yourself from expensive fees. At the end of the day, you should try to find a mortgage that is affordable and free of fine print and "gotchas" that can cost you big time when you least expect it.
As U.S. homeowners can prepay their mortgages at par without penalty — making prepayment speeds a crucial component in the pricing of mortgage bonds and rates — the federal housing finance Agency.
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The State of the Law: Prepayment penalties bans november 25, 2008 State Prepayment Penalty Bans Five (6) states ban prepayment penalties on all home loans: al,1 AK,2 IA,3 MD,4 NM,5 VT6 One (1) state, NJ, bans prepayment penalties on all loans with an interest rate that exceeds 6%, which includes all subprime, and most Alt-A and prime loans.7
In other words, a soft prepayment penalty will let you sell your house whenever you choose to without a penalty. But a soft prepayment penalty will still penalize you if you refinance the mortgage of that home. On the other hand, hard prepayment penalties apply both to selling your home and refinancing it alike.