A prepayment penalty is when the consumer is monetarily penalized for paying off a loan before the agreed upon length of the loan.
Penalty by the financial institution imposed for paying off a loan before the loan's maturity. Pre qualification Estimate of how much someone might be able to borrow.
The charge the lender assesses to borrowers who repay a loan faster than the maximum repayment period stated in the promissory note. Federal loan programs do not have prepayment penalties.
A fee charged by a lender to a borrower for the privilege of paying a loan prior to its scheduled maturity.
MP] A charge imposed by the lender if the borrower pays off the loan early.
A penalty under a note, mortgage or deed of trust, imposed when the loan is paid before it is due.
A charge that is specified in the note which comes due if a mortgage is paid off before the end of the original agreed upon term.
A penalty assessed to discourage a borrower from making early payments on a loan.
the penalty –– usually expressed as a fixed amount or percentage of total costs –– that is charged to a debtor in the case that a debtor pays off their home loan, trust, deed, or other loan before the loan's term is up.Not all loans have a prepayment penalty.If you're planning on purchasing foreclosed properties, you may wish to avoid home loans that have prepayment penalties, as this will affect your ability to pay off your debt sooner.It may also make refinancing slightly more challenging.
Fee charged by a lender for paying a loan off before its expected end date.
The percentage a lender may require to be paid in addition to the unpaid principal balance when a loan is paid off ahead of schedule.
When the loan balance is paid prior to loan maturity, a penalty will be charged based on a percentage of the original loan amount.
A fee charged by a mortgage lender to a borrower who wants to pay off part or all of a mortgage loan in advance of schedule. The charge is generally expressed as a percent of the loan balance at the time of prepayment, or it can be a specified number of months interest. It is not allowed for FHA or VA loans.
A penalty charged to the borrower when full or partial payment of the principal is paid before the due date. Not allowed for FHA or VA loans.
Money charged for an early repayment of debt on loans that are typically more risky.
A fee that is charged to a homeowner who pays one or all of the monthly payments before the due date, and can apply to additional principal reduction payments.
depending on the terms of the mortgage, the lender may be able to charge a penalty if the loan is paid out before maturity. (i.e. paid out early)
A fee paid by a borrower for the privilege of retiring a loan early. See Defeasance and Yield Maintenance. PROPERTY TAX – Taxes based on the market value of a property – varies from state to state. REAL ESTATE MORTGAGE INVESTMENT CONDUIT (REMIC) – A collateralized mortgage obligation (CMO) issued after January 1, 1987, under legislation designed to eliminate certain tax and regulatory problems which limited issuer and investor participation in multiple series ( tranche) CMOs.
A fee charged if a loan is paid before the due date.
A prepayment penalty is charged by a mortgage lender on a borrower who wants to pay off part or all of a mortgage loan before the scheduled payment date.
A fee charged to a homeowner who repays a mortgage debt early (before the due date).
A fee charged by a lender if you pay your loan off early, generally to make up for interest the lender anticipated earning—but will not—as a re$ult of the payoff. Not all loans have a prepayment penalty. Sometimes a loan will have an optional prepayment penalty in exchange for a lower rate or fee.
A penalty charged by a lender to a borrower who pays off a mortgage before its due date.
Money charged for an early repayment of debt. Usually equal to three months of interest.
A charge a borrower pays to prepay a loan before it is due. Not allowed for FHA or VA loans.
A penalty fee charged to a borrower if he/she repays a loan prior to its due date.
A fee that may be charged to a borrower who pays off a loan before a specified time.
Clause in mortgage or promissory note that requires the mortgagor to pay an additional charge for paying off the loan early.
A fee charged if you pay off a loan before it is due. Not all loans have a prepayment penalty. If you have poor credit, your loan is more likely to include a prepayment penalty.
A fine for paying off a loan partially or in full before its maturity.
A penalty charge (can be approx. $2000 - $3000), for paying back your mortgage before the term expires.
An amount charged by some lenders if a loan is paid in full prior to the maturity date.
If the member pays off the Home Equity Loan or pays off and closes the Home Equity Line of Credit within the 1st three years from the date of closing, the member will be responsible for full payment (prepayment penalty) of the closing costs incurred by us. (See the Memberâ€(tm)s Closing Cost Disclosure)
Penalty imposed by the bank on the early payments.
A fee that could be assessed for paying off a loan ahead of schedule.
A fee levied by a lender if you pay your loan off early, generally to make up for interest the lender anticipated earning but will not as a result of the payoff. Usually 6 months interest on 80% of current balance. Not all loans have a prepayment penalty. Ask your loan officer about your loan.
A fee that is charged when a payment that is higher than the minimum is made. This fee does not apply to all loans.
The sum of money a lender may require from the borrower to compensate a loss of interest if the mortgage is paid out early. Usually either 3 months interest or the interest rate differential, whichever is greater.
Money charged for early payment of principal. In residential mortgages the usual prepayment penalty is three months interest.
Fees paid by the borrower if the loan is paid prior to its due date.
charged by the lender to a borrower who pays off part or all of a loan before the last scheduled payment
A "soft" prepayment penalty is assessed if the loan is refinanced or prepaid in part, but is not charged if the loan is paid in full due to the sale of the property. A "hard" prepayment penalty is assessed when the loan is prepaid in whole or in part regardless of the reason for the prepayment, unless prohitbed by law.
The charge payable to a lender by a borrower under the terms of the loan agreement if the borrower pays off the outstanding principle balance of the loan prior to its maturity.
Financial charge for early repayment of debt, usually a percentage of the remaining principle balance of the loan.
A fee charged to the borrower for paying the mortgage off before it is due. Hard prepayment penalties are charged if the mortgage is paid off in advance do to the sell or refinance of the property. Soft prepayment penalties apply when the mortgage is refinanced, or more than 20% of the mortgage principle is paid in a one year period. Soft prepayment penalties do not apply if the mortgage is paid off in the sale of property.
An amount charged by a lender on a loan paid prior to its maturity.
A charge the borrower pays the lender for early repayment of a debt.
A charge for payment of a trust deed note before maturity.
An amount disclosed in the terms of a note requiring an additional fee to be paid the lender if all or part of a loan is paid prior to maturity.
A charge the mortgagor pays the mortgagee for the privilege to prepay to its maturity.
Charges imposed by some lenders as a penalty for paying a loan off earlier than its original pay off date. Prepayment penalties are common among some of the sub-prime and/or predatory lending loan products.
An extra charge for repaying all or part of loan before it is due.
An amount that may be charged to the borrower by the lender for the early repayment of a debt. The prepayment penalty compensates the lender for the interest on the loan it would now not be earning.
Money charged by a lender when a borrower purchases or refinances their home within a set time period, usually 3 or 5 years. Loans with prepayment penalties have lower interest rates in exchange for the added restriction.
A prepayment penalty is a fee that is charged if the loan is paid off earlier than the specified term of the loan. Depending on your loan program and applicable state law, you may or may not incur a prepayment penalty.
The fee that may be imposed by a lending institution for paying off a loan before its maturity date.
A extra charge imposed by lenders for paying off a motorcycle loan early before the term expires.
A fee that is charged to a borrower who pays off his loan early.
A fee paid to the lender for paying all or a portion of a loan balance before the payment due date. Prepayment penalties compensate lenders for their loss of opportunity to collect interest in the future.
A fee charged for paying off a loan within a relatively short period of time after the loan has closed. This provision is currently found only in non-conforming products. The time period during which it applies is usually one to three years and the amount of the penalty is usually 1.0% - 3.0% of the original loan amount though other, more complicated formulas are sometimes used. These provisions are sometimes regulated by state law. If a $50,000, 15 year loan were paid off in six months on a loan that had a 1.0% prepayment penalty, the penalty would be $500 ($50,000 x 0.01).
A fee charged by the lender against a borrower who wants to pay off part or all of a mortgage loan in advance of schedule. Not all loans have prepayment penalties. The written terms of the mortgage note determine if a prepayment penalty is applicable on a loan.
A lender may impose a prepayment penalty if a loan is paid off before it is due. This is usually because the lender incurs costs when making a loan and will build these costs into the borrower's payments over the life of the loan. When a borrower pays the loan off early, the lender tries to recoup some of its costs through a prepayment penalty.
A special charge assessed the borrower when a mortgage is repaid before it becomes due.
A penalty found in a Promissory Note imposed by the lender when the loan is paid before it is due.
The amount the debtor must pay the creditor as a penalty for paying off a debt before maturity. Not permitted in FHA or VA loans.
Fee that discourages borrowers from paying off a mortgage earlier than what is stated in the mortgage term.
A fee charged a borrower by the lender when the borrower prepays all or part of a mortgage over and above the amount agreed upon. Although there is no law as to how a lender can charge you the penalty, a usual charge is the greater of the Interest Rate Differential (IRD) or 3 months interest.
A charge paid to the lender by the borrower if a mortgage loan is repaid before its term is over.
a fee paid by a borrower who pays off the loan before it is due.
Charge levied by the lender for paying off a mortgage loan before its maturity date.
A charge paid to a lending institution for paying a loan prior to the scheduled maturity date. Not allowed in some states, or with FHA or VA loans.
A fee that may be charged by a lender if the borrower pays off a loan before it is due. The reason for charging a penalty is to guarantee that the lender makes the amount of money arranged in the original contract. Make sure to know if you have one and how long you are locked in for. If you can get a mortgage without such a penalty, it would be recommended.
A prepayment penalty is a penalty that a lender may charge if you make unscheduled, extra payments on your loan.
A fee that is charged if the loan is paid off earlier than the specified term of the loan. Depending on your GMAC Mortgage loan program, you may or may not incur a prepayment penalty. Please contact a GMAC Mortgage loan "advisor" for more information.
A charge provided in a note or deed of trust for the privilege of paying all or part of the debt before it is due.
A charge imposed on a borrower who pays off the loan principal early. This penalty compensates the lender for interest and other charges that would otherwise be lost.
A charge that a borrower may be required to pay during the early months or years of a mortgage if it is paid in full or if a large payment is made in order to reduce the unpaid balance.
A charge the mortgagor pays the mortgagee for the privilege of prepaying the loan.
The charge which can be imposed if you pay off your loan before maturity. The Truth in Lending Disclosure Statement will show whether a loan has a prepayment penalty.
A fee that may be charged to the borrower if you pay off the loan before it is due. This penalty is usually limited to the first few years of the loan.
A prepayment penalty is charged by a bank if you pay off your loan early, to make up for the lost income from interest on the loan.
Fee charged by a lender for early payment of debt.
A fee that a borrower may be required to pay to the lender, in the early years of a mortgage loan, for repaying the loan in full or prepaying a substantial amount to reduce the unpaid principle balance.
A fee charged to a borrower who pays off a loan before its term has ended.
A charge imposed by a mortgage lender on a borrower who pays off the mortgage loan early in its term. The prepayment penalty is specified in the note.
A fee charged for an early repayment of debt. Prepayment penalties are limited in many states.
A penalty that a lender may impose if a loan is paid off before it is due.
fees paid by borrowers for the privilege of retiring a loan early.
An extra fee for paying off a mortgage loan before maturity. About 80 percent of all loans in the United States are paid off early.
An additional fee a lender may charge if a borrower pays off all or part of the loan balance before a period chosen by the lender or before the loan is due.
Money charged for an early repayment of debt. These penalties are allowed in some form in some states, including the District of Columbia.
A financial penalty for paying the balance of a mortgage before it is due.
Money charged for an early repayment of debt. Prepayment penalties are allowed ial real estate board affiliated with the National Association of Realtors.
A fee charged by a lender if a loan is paid off earlier than outlined in the Loan documents.
A penalty that a lender may impose on a borrower who pays a loan off before its expected end date.
A charge imposed by a mortgage lender on a borrower who wants to pay off part or all of a mortgage loan in advance of schedule.
A dollar amount for prepaying or paying off a loan early.
A charge for the payment of a mortgage or trust ded note before it is actually due.
Some lenders will assess a penalty if a loan is paid off early (this is not the case on Prosper).
A fee charged to a mortgagor who pays off the principal balance on a loan before it is due.
A penalty charged by a lender to a borrower who pays off a loan within a specified time. Such penalties must be disclosed prior to loan closing
There are clauses in some mortgages stating if the loan is paid off early, the lender can charge a prepayment penalty. These penalties may or may not be paid for by the corporate client.
A fee that is charged to a borrower by the lender for paying off a loan early.
An amount set forth in the loan documents stating how much the fee will be for payoff prior to a certain date.
A fee charged to a mortgagor who pays a loan before it is due. Most fixed rate first trust deed loans do not have a prepayment penalty. FHA and VA do not allow for prepayment penalties.
a consideration paid to the mortgagee for the prepayment privilege. Also known as reinvestment fee. This may or may not be regulated by state law.
A fee charged by the lender when the borrower prepays all or part of a closed mortgage more quickly than is set out in the mortgage agreement.
Money charged for an early repayment of debt. Prepayment penalties are allowed in some form (but not necessarily imposed) in many states.
Charge a mortgagor may be required to pay during the early years of a mortgage if he/she pays it in full or pays large sums to reduce the unpaid balance.
A charge which a lender may assess a borrower if a loan is paid off before the due date.
An additional charge imposed by the lender for paying off a loan before the due date.
A charge which is assessed when the loan is paid before it's due to compensate the investor for the loss of anticipated interest income.
A fee imposed on a borrower who pays off a mortgage before it is due.
a charge that may be levied against somebody who makes a payment before its due date. The penalty compensates the lender or seller for potential lost interest. rice: The exchange value of a product or service from the perspective of both the buyer and the seller. rice ceiling: The highest amount a customer will pay for a product or a service based upon perceived value.
Charged by the lender for premature payment of a loan balance.
A fee assessed by a lender on a borrower who repays all or part of the principal of a loan before it is due. The prepayment penalty compensates the lender for the loss of interest that would have been earned had the loan remained in effect for its full term.
Fee charged by a lender in the event of repayment of debt prior to the end of a period of time specified in loan agreement.
Some lenders charge this fee if the loan is repaid prior to its maturity.
Mortgage agreements often restrict the right of prepayment either by limiting the amount that can be prepaid in any one year or charging a penalty for prepayment.
A charge a borrower pays a lender when the borrower wants to pay off a mortgage loan in advance of the agreed payment schedule. Not all loan programs have a prepayment penalty.
Unless it is open, the mortgage may not be paid off before the Maturity Date without paying a Prepayment Penalty. Sometimes the calculation of the penalty can be complex and it would be better to talk to your Island Mortgage (r) specialist than to attempt to explain it in great detail here. Be very careful when negotiating a mortgage, as some mortgages cannot be paid off at all before the Maturity Date. See also Closed Mortgage and Maturity Date.
A Prepayment Penalty is a charge that a lender issues the person(s) with a loan when they pay off their debt ahead of the term of the loan.
A financial penalty imposed on a borrower for paying a mortgage prior to the expiration of the full mortgage term.
A fee charged to a borrower for paying out all or part of the principal of the mortgage or loan before it is due. This may be charged only when stipulated in the loan agreement.
The amount set by the creditor as a penalty to the debtor for paying off the debt before it matures; an early-withdrawal charge. The prepayment penalty is charged by the lender to recoup a portion of interest that the lender had planned to earn when the loan was made. It covers the lender for initial costs to set up the loan, to service it and to carry it in the early years of high risk. This punitive device also may represent the loss of income to the lender for the time the mortgage is paid off and the funds remain uncommitted. The reason most lenders are willing to allow prepayment after five years without penalty is that much of the total note's interest has been paid in by that time.
A fee that may be assessed to a borrower that pays off a loan before its due date. May not be applicable with certain lenders or loans.
A fee for paying off the principal amount of the loan prior to the pre-agreed term.
A fee assessed by a lender when you pay off your loan ahead of schedule. The penalty compensates the lender for interest payments it would have received based on the loan's payment schedule.
A penalty sometimes charged to a borrower who makes a prepayment.
Money charged for an early repayment of debt. Prepayment penalties are allowed in some form in 36 states and the District of Columbia.
The penalty a borrower pays for paying their loan in full prior to its maturity date.
A Change for paying off a loan before it is due.
Charge imposed by a lender on a borrower who wants to pay all or part of the loan balance before its due date.
A fee paid to the lending institution for paying a loan off prior to the scheduled maturity date. Most common on Adjustable Rate Mortgages and 2nd mortgages.
Fee paid by the borrower if loan is paid before its due date.
A fine imposed when a loan is paid off before it comes due. If possible, do not use a mortgage that has a prepayment penalty, or you will be charged a fine if you sell your property before your mortgage has been paid off.
A provision in a mortgage or home equity loan contract allowing the borrower to be charged extra money for paying the loan off early or refinancing.
A fee included in the mortgage agreement requiring borrower to pay in the event the loan is paid before the due date.
A penalty for the payment of a debt before it becomes due.
A bank imposed fee for early payment of a loan. This penalty is meant to protect the bank from lost income not generated from interest on the loan.
Fee charged for early repayment of some types loans. Usually 6 months interest on 80% of current balance.
A fee charged to a borrower who pays off a loan before the date of it's allowed pay-off.
A penalty under a Note, Mortgage or Deed of Trust imposed when the loan is paid before its maturity date.
A penalty for prepayment of a debt before it is due.
Money charged by the mortgage lender for early prepayment of the mortgage. The amount of prepayment penalty allowable varies from state to state.
A fee charged to a mortgagor who pays a loan before it is due. Not allowed for FHA or VA loans.
A lender's charge to the borrower for paying down the loan before the end of its term.
A fee that may be charged to a borrower who pays off a loan before it is due.
A charge made by the lender if a mortgage loan is paid off before the due date. FHA does not permit such a penalty on its FHA-insured loans.
A fee charged to a borrower who pays a loan in full before the stated due date.
A fee charged by lenders for paying your mortgage off early.
A fee charged for paying off your mortgage early.
One advantage of most mortgages is that you can make additional payments to pay the loan off faster if you have the inclination and the money to do so. A prepayment penalty discourages you from doing this by penalizing you for early payments. Some states prohibit lenders from penalizing people who prepay their loans. Avoid mortgages which penalize prepayment
fee charged by lender for paying off a loan within a specified period of time after the loan has closed.
A penalty under a note, mortgage or deed of trust imposed for the payment of a debt prior to maturity.
A charge the mortgagor pays the mortgagee for the privilege to prepay the loan.
Penalty for the payment of a note before it actually becomes due. A fee or charge imposed upon a debtor who desires to pay off his loan before its maturity. Not all prepayment clauses provide for a penalty, and in many real estate transactions the law regulates the amount of penalty that may be changed. Back to the Top
A monetary penalty charged when a loan is paid off prior to the expiration of the original loan term.
If your mortgage is not fully open, you may be charged a penalty if you want to pay off all or part of your mortgage before the end of the fixed term. The normal prepayment penalty is the greater of three months' interest or the Interest Rate Differential (IRD) on the amount to be prepaid. CMHC (for insured mortgages) and a few of the major lenders set the maximum penalty at 3 months interest after the mortgage has been in effect for three years, regardless of the number of times it has been renewed.
a charge imposed by a mortgage lender to a borrower who wants to pay off the loan prior to maturity.
The fee assessed for early pay off of a debt.
A fee charged to borrowers for making additional payments (or Payoff) on their mortgage loan principal.
A fee paid to the lender for the privilege of paying off a loan prior to maturity.
A specified penalty for paying off a note partially or in full before its maturity.
A fee charged to a borrower who pays off a mortgage before the term has expired. See Interest Rate Differential.
A penalty payment in addition to interest and principal sometimes levied for repayment of a loan before it is due.
A penalty a lender may charge in the event a loan is paid prior to it being due.
A charge imposed on a borrower by a lender for early payment of the loan principal to compensate the lender for interest and other charges that would otherwise be lost.
A fee paid to the mortgagee for paying the mortgage before it becomes due. Also known as prepayment fee or reinvestment fee.
A fee charged to a borrower who pays off a loan before it is due. Some loan programs contain a prepayment penalty, others do not -- check with your loan officer for details.
some mortgages carry extra fees from the borrower whenever he makes a large payment or a one time payment agents the loan's principal.
Fee borrowers pay if they pay off a loan during the early years of its term.
Penalty for the payment of a mortgage note or deed of trust note before it actually becomes due.
A financial penalty imposed when a borrower pays off the loan early. This fee is intended to reimburse the lender for any lost interest due to the loan being paid off early.
A fee charged by a lender when the borrower prepays all or a part of a mortgage in excess of the regular payments allowed by the mortgage terms.
A fee paid to the lending institution for paying a loan prior to the scheduled maturity date. Unless it is open, the mortgage may not be paid off before the Maturity Date without paying a Prepayment Penalty. The calculation of the penalty can be complex and it would be good idea to talk to your Mortgage Specialist.
A charge paid by the borrower to the lender if a mortgage loan is repaid before its term is over.
A penalty some lenders charge a borrower who prepays a loan, to compensate for the lost interest that the lender would have received if the borrower had continued paying off the loan over its entire term.
Lenders who impose prepayment penalties will charge borrowers a fee if they repay part or their entire loan in advance of the regular schedule or refinances with another bank. According to the HUD and Department of Treasury Task Force report on sub-prime lending, about 70 percent of sub-prime loans contain prepayment penalties. Only one to two percent of prime loans includes prepayment penalties.
Lenders who impose prepayment penalties will charge borrowers a fee if they wish to repay part or all of their loan in advance of the regular schedule.
Financial penalty paid to the lender for the payment of a mortgage or trust deed note before it actually becomes due, if the note does not allow for prepayment.
An additional charge for paying off a loan or lease before its scheduled conclusion or term date.
A fee paid to a lender for payoff of the loan prior to the scheduled maturity.
Fees used to dissuade early repayment of a loan or mortgage.
A fee imposed by a lender to allow a borrower to pay all or part of a debt early.
A fee charged to a borrower who pays a loan before its due. Not allowed for FHA or VA loans.
A charge levied by a lender to the holder of a loan or mortgage when the borrower pays off the loan before its scheduled maturity.
A fee imposed by certain lenders if the first mortgage is paid off early. Back
A penalty paid for paying off a loan before the agreed date. Cannot be charged on FHA or VA loans.
Amount charged for early payoff or loan.
the fee charged to a borrower who pays of a loan prior to the date of maturity. Usually a percentage of the loan amount.
Fees paid by the borrower if they pay the loan before its due date.
Penalty to the mortgagor for payment of the mortgage debt before it becomes due, as stated in the promissory note.
A charge specified in the note which is levied if a mortgage is paid off before the end of the mortgage term.
A fee that discourages borrowers from making additional payments on their mortgage loan principal in order to pay the loan off faster. We highly urge you to avoid mortgages that penalize prepayment.
A fee charged for early payment of a transaction balance as compensation for income lost as a result of such prepayment.
Money charged for an early repayment of debt. Prepayment penalties are allowed in some form (but not necessarily imposed) for different mortgages. The most common penalty is a three month interest penalty.
Fee charged by a lender for a loan paid off in advance of the contractual due date.
A fee paid to the lending institution for paying a loan prior to the scheduled maturity date. Qualifying Ratios: Comparisons of a borrower's debts and gross monthly income. Right to Rescission: The legal right to void or cancel your mortgage contract in such a way as to treat the contract as if it never existed. Right of rescission is not applicable to mortgages made to purchase a home, but may be applicable to other mortgages, such as home equity loans. Security Interest: An interest that a lender takes in the borrower's property to assure repayment of a debt.
A provision in a mortgage that requires the borrower to pay a monetary penalty if the mortgage payments are made in advance of the normal due date or if the mortgage is paid in full ahead of a predetermined time set in the note.
A fee some lenders charge to a borrower who pays off a loan before its due date.
A fee charged by a lender for the repayment of a loan prior to its contractual due date.
A fee (usually substantial) that may be charged to a borrower who pays off a loan before the end of its agreed upon term.
Return To Glossary Index The fee paid to a lending institution for paying off a loan before its maturity date.
Lenders can impose a penalty on a borrower who pays a loan off before its expected end date.
A penalty which a lender may assess a party for paying off a loan before the due date.
a lender's charge for an early payment of debt; lenders may allow prepayment with or without penalty. Many states allow a penalty but do not impose a penalty.
A fee charged to a borrow who pays off a loan before it is due. Source: Massachusetts Homeownership Collaborative
A substantial charge that may be imposed for early payment of all or a large part of a loan. The Truth in Lending Disclosure Statement will show whether a loan has a prepayment penalty.
A penalty sometimes charged by the association for advance payments on a loan.
A penalty within a note, mortgage, or deed of trust imposing a penalty if the debt is paid in full before the end of its terms.
Some lenders may charge this fee if the loan is prepaid prior to maturity.
A lender’s charge to the borrower for paying off the loan before the end of the term.
A fee or cost charged to the borrower for paying off the loan before the end of the term.
A monetary penalty charged by a lender if all or part of a loan is paid off before it is due.
On a loan without a prepayment clause, the fee a borrower pays for repaying all or part of the loan before it is due.
A fee charged when a borrower pays the entire principal sum prior to the loan reaching its full term.
Fee a borrower is assessed for the right to make a loan payment before the due date, such as repaying a mortgage early.
A fee paid to the lending institution for paying a loan prior to the scheduled maturity date. primary mortgage market
A clause/charge stated in a mortgage against loan payments ahead of schedule.
A fee charged by some lenders when the loan is repaid prior to maturity.
Fees assessed when the borrower pays of a mortgage before it is due.
The amount set by the creditor as a penalty to the debtor for paying off the debt prior to its maturity. The prepayment penalty is charged by the lender to recoup a portion of interest that he had planned to earn when he made the loan.
A fee charged to the borrower, if loan is paid off early.
Fee a borrower must pay when a loan that does not have a prepayment clause is repaid before its scheduled maturity.
Charges and/or fees assessed for early repayment of a debt. Because prepayments reduce the amount of interest that may be assessed by the lender, prepayment penalties are often written into the original mortgage.
(known in Britain as Redemption Penalty) A charge a borrower pays to redeem or part redeem a loan before it is due.
A fee that is charged by the lender to a borrower who pays off a loan earlier than the due date, thereby costing the lender interest and other income from charges
A charge imposed by the lender if a borrower pays off a loan early. The charge is usually expressed as a percent of the loan balance at the time of the prepayment.
A monetary penalty charged by the lender to the borrower when they payoff the loan on their house early. It may not be charged after the loan is five years old.
Money charged for an early repayment of debt. Prepayment penalties are allowed (but not necessarily imposed) in many states. A prepayment clause in a mortgage loan contract determines the borrower's rights and duties if the loan is prepaid.
A penalty that a lender may impose on a borrower who pays off a loan before it is due. back