Definition Of Prepayment Penalty

Prepayment is the early repayment of a loan by a borrower, in part or in full, often as a result of optional refinancing to take advantage of lower interest rates.

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What is ‘Prepayment’. A prepayment is the settlement of a debt or installment payment before its official due date. A prepayment can either be made for the entire balance of a liability or for an upcoming payment that is paid in advance of the date for which the borrower is contractually obligated to pay. Examples of prepayment include rent or early loan repayments.

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A mortgagor shall not be required to pay a prepayment fee or penalty for making additional payments toward the principal balance for the term of the loan.

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Prepayment Penalty Law and Legal Definition Prepayment penalty is a charge assessed against a borrower who elects to pay off a loan before it is due. It is a fee that a lender may assess if a borrower repays a loan before the scheduled maturity. The definition of a dealer will cover a wider range of circumstances.

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The prepayment penalty on the permanent loan will be of a sliding scale nature and the lender charged a one percent fee for both the construction and permanent financing combined.

Prepayment Penalty A prepayment penalty is a fee charged by lenders when borrowers pay off their loan before the end of the term. What is a Prepayment Penalty? Prepayment penalties are fees charged to borrowers for paying back their loans early.

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Tip 6: Making partial prepayments is one way to save on charges. Some banks do not charge prepayment penalty if the loan is prepaid, partially. Of course, the definition of what constitutes partial.

Prepayment penalties are a part of many mortgage contracts that make it expensive to refinance into a new home loan. If your mortgage contract includes a prepayment penalty, you may have to pay your original lender thousands in additional fees as part of any future refinance.