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.
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A prepayment penalty is a fee that some lenders charge if you pay off all or part of your mortgage early. If you have a prepayment penalty, you would have agreed to this when you closed on your home. Not all mortgages have a prepayment penalty.
Prepayment penalty is a provision in a mortgage contract that requires the borrower to pay a penalty if the mortgage is paid off within a certain time period. Deeper definition
A prepayment penalty is a mortgage provision that states that a penalty, or fee, will be assessed to a borrower if an outstanding liability is paid off before a certain time period.
Prepayment Penalty. By Investopedia Staff. A prepayment penalty is a clause in a mortgage contract stating that a penalty will be assessed if the mortgage is paid down or paid off within a certain time period. The penalty is based on a percentage of the remaining mortgage balance or a certain number of months’ worth of interest.
Prepayment penalty : read the definition of Prepayment penalty and 8,000+ other financial and investing terms in the NASDAQ.com Financial Glossary.
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Definition of prepayment penalty: A penalty sometimes charged to a borrower who makes a prepayment.
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.
Prepayment Penalty A fee that a lender may assess if a borrower repays a loan before the scheduled maturity. The prepayment penalty is used to discourage early payment of loans because. 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.
Prepayment penalty is a money term you need to understand. Here's what it means.