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However, state laws can limit prepayment penalties for high-cost loans, as long as states do not place a blanket prohibition on prepayment penalties. California Law. California law allows lenders to charge prepayment penalties, since the state legislature is preempted from enacting blanket prohibitions by the Code of Federal Regulations.
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Ten years is even better.You can always pay extra principle (assuming you follow tip 4 below and eliminate or reduce any prepayment penalties. increases", "prepayment penalties". Watch out for.
· For the broadest protection, such provisions should clearly and unambiguously call for the payment of a prepayment fee upon borrower’s default.
A prepayment penalty is a charge that the lender imposes on the borrower if the borrower pays all or part of the loan principal before its due date. For example, if you pay off your loan, refinance, or sell your home before a certain date, you could be subject to a prepayment penalty.
Prepayment Penalties in Mortgages. The severity of prepayment penalty: Some prepayment penalties diminish in severity as the mortgage matures. You could, for example, be penalized 5 percent on any funds prepaid within one year of loan origination, 4 percent in the second year, 3.
Example recommended language: prepayment penalty shall apply if the loan balance is prepaid in whole (100%) or in part (any prepayment of principal over the normal amortization.) In the example above, the borrower can make partial principal prepayments at any time, but the prepayment is subject to penalty.
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Consider a prepayment penalty clause in a mortgage that calls for a penalty payment on the voluntary or involuntary prepayment of the debt. The property owner defaults on the mortgage. The mortgage holder records a Notice of Default (NOD) , automatically calling the debt due.
You should look for the words "prepayment penalty terms" or a "prepayment penalty rider." If you have any questions regarding an existing prepayment penalty clause or the terms on your new mortgage, contact your mortgage broker for answers, so you can make an informed decision.
Prepayment Penalty. Each Mortgage Loan that is subject to a prepayment penalty as provided in the related Mortgage Note is identified on the related Mortgage.