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
An Act, passed by congress in order to prevent the practice of redlining and disinvestments in central city areas. Redlining is a practice in which lenders refuse to make loans in certain ...
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Act of receiving the rights and privileges of a citizen including property rights. ...
Worth of property based on the relevant economic factors (e.g., state of the economy, unemployment rate). ...
Alias is a different name by which a person is known.In the real estate world, there are times when an agent goes by a different name than the one he/she was originally named by his/her ...
Rating used by lenders and creditors to determine if a credit applicant should be granted credit. It depends on many factors such the applicant's job history, earnings, net worth, etc. Some ...
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Provision in the insurance policy lapses due to premium nonpayment, all unpaid premiums must be paid, and any additional requirements must be satisfied before reinstatement can take place. ...
Room in a home where the occupants spend their leisure time. ...
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