What Are Prepayment Penalties?
A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off of the loan in the event that you inherit a small fortune. Most loans these days do not have prepayment penalties - and if they do, they are only applicable for the first few years of the loan.
Popular Real Estate Questions
Popular Real Estate Glossary Terms
A fully amortized mortgage necessitating periodic payments of both interest and principal. In the early years of the loan, the share of principal is smaller and the interest larger, a ...
The meaning of a grace period refers to a specific time after a payment’s due date. During this period, one can reimburse the amount without penalty, extra costs, or forfeiture. Find ...
The midpoint in a range of numbers. For example, the median (middle value) of a house in Nassau County on Long island in New York is $150,000. By using median values, a prospective buyer or ...
Property deed in which the grantor limits the title warranty to the grantee. A grantor does not warrant a title defect to the property occurring from a happening before the time of his ...
(1) foreclosed real estate or subject property in a bankrupt estate. (2) Income property which is making inadequate returns and has a negative capitalization rate. ...
Preference. Precedence. Something given prior attention. Something having a higher level of importance or ranking. Example of when priority apply are a prospective tenant for an ...
Indicators reflecting future changes in economic conditions; referred to as the Composite Index of 11 Leading Indicators. This index indicates the direction of the economy in the next six ...
The right to deviate from the use of land prescribed by an existing zoning ordinance. ...
Trademark name for shotcrete. ...
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