What Are Prepayment Penalties?
Definition of "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
Ambiguous contractual language that may result in an unsuspecting buyer of a real property incurring obligations or risks not clearly evident. ...
Cash earnings generated from a real estate investment or property. Cash earnings equals cash revenue less cash expense. The cash earnings may or may not be discounted to its present value ...
To enter illegally. For example, entering property without permission. ...
When answering the question of what is a real estate investor, several aspects should be considered. First, a real estate investor, also known as a real estate entrepreneur, allocates ...
Maximum credit a prospective buyer may be given. An example is the maximum mortgage a prospective home buyer may receive from the bank. ...
Roof with one side that is at a sloped angle. ...
Leasing commercial or industrial real estate can be a perplexing process. As a tenant (and as a landlord,) you must consider several aspects before actually signing the deal. Even top local ...
One who purchases an option. For example, John pays Brian $10,000 for an option to purchase property at $100,000 within six months. ...
Form of zoning regulation permitting all the uses permitted in more restrictive zoning to also apply to less restrictive zoning. The net affect of pyramid zoning is to pyramid only a few ...
Have a question or comment?
We're here to help.