Prepayment Penalty Definition

A prepayment penalty clause in a mortgage contract states that a penalty will be assessed if the loan is paid down or paid off within a certain. A prepayment penalty, also known as a "prepay" in the industry, is an agreement between a borrower and a bank or mortgage lender that regulates what the borrower is allowed to pay off and when.

Prepayment penalty synonyms, prepayment penalty pronunciation, Prepayment penalty translation, English dictionary definition of Prepayment penalty. tr.v. prepaid , prepaying , prepays To pay or pay for beforehand. prepayment n.

Prepayment penalty : read the definition of Prepayment penalty and 8,000+ other financial and investing terms in the Financial Glossary.

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Mortgage prepayment penalties can cost you thousands if you sell or refinance too early on in your home loan. Learn about how and why many mortgage lenders calculate prepayment penalties and what options you have to avoid paying them.

prepayment penalty: A penalty sometimes charged to a borrower who makes a prepayment.

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A prepayment penalty is a financial limitation placed on a mortgage limiting a borrower's ability to prepay his loan earlier than specifically allowed under the.

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Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. Prepayment Penalty A fee that a lender may assess if a borrower repays a loan before the scheduled maturity. The prepayment penalty is used to discourage early payment of loans because.

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