Definitions for "Pre-payment Penalty"
A fee charged to a mortgagor who pays a loan before it is due. This is not allowed with FHA or VA loans.
An additional charge imposed by the lender for paying off a loan before the due date.
A fee charged to the mortgage holder if the mortgage is paid in full or above the amount allowed within the closed term of the mortgage.
Keywords:  refinance, agreed, sell, due, money
an amount of money that is due should one refinance or sell the home before an agreed amount time period