Definitions for "Prepayment penalty"
Keywords:  penalty, prepay, impose, payoff, early
A fee that a lender charges a borrower who pays off their loan before the end of its scheduled term. Prepayment penalties are not charged by most standard lenders. Subprime borrowers should review the terms of their loan offers carefully to see if this fee is included.
A fee charged to a borrower who pays off a loan prior to its maturity date.
The borrower is charged a fee for paying off a loan ahead of schedule.
Keywords:  prequal
Primary Mortgage Market Prime Rate
previous balance method prime
Principal Ratio
The sum of money (usually equal to an amount of interest) a mortgagee may require from a mortgagor to repay all or part of any outstanding principal.
Keywords:  speed
Prepayment speed Prepayments