Are you thinking if it’s possible to pay off your mortgage ahead of time? There have been various stories about how some borrowers successfully shaved off their payment time for a significant number of years and saved on their home loan’s interest. These narratives vary, and are widely specific to Read more
What is a Pre-Payment Penalty?
Prepayment PenaltiesMany homeowners and first-time homebuyers don’t completely understand what a pre-payment penalty is. Many don’t find out until it’s too late.A pre-payment penalty or also known as a prepay in the mortgage industry is basically an agreement between the mortgage loan Read more
Can New Loans have a Prepayment Penalty?
It seems with the latest mortgage guidelines that prepayment penalties would be a thing of the past, but in reality, they are still around. Granted, banks have to jump through several different hoops before being able to place a prepayment penalty on your loan, but it is still a possibility. In Read more
