Answer for "What are prepayment penalties?"

Tanya  Dorfman real estate agent
  Coldwell Banker Residential Brokerage - Princeton Junction Office

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.

 

Need help from a real estate agent?


Buy Sell Rent

I agree to receive FREE real estate advice.

Are you a real estate agent?


Residential Rental Commercial

I agree to receive FREE real estate advice.


 

Have a question or comment? We're here to help.

 

*** Your email address will remain confidential.
 

Related Real Estate Questions

 

Related Real Estate Glossary Terms