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  Prepayment Penalty

A fee that may be charged to a borrower who pays off a loan before it is due.

If you pay off your mortgage before it is due, you may be charged a fee -- this is referred to as a prepayment penalty.

Any amount that is paid to reduce the principal balance of a loan before the due date -- such as the sale of the property, the owner's decision to pay the loan in full, the owner's decision to pay additional money every month to lower the principle or interest -- is considered prepayment.

You may want to consider discussing the specifics of this fee as you negotiate the terms of your loan with your lender.

 

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2006-2008
All Rights Reserved Edward Black
TeamBlackBerry LLC t/a
TeamBlackBerry & Associates SM
REAL ESTATE TEAMS,LLC
50 Citizens Way Frederick, Maryland 21701
Lake Linganore, Maryland
Ed Black, Specializing in Frederick County MD real estate! - Frederick MD Realtors - Frederick MD Homes - HUD Home Sales - www.edsellsmaryland.com - www.lakelinganorehomesales.com - www.teamblackberry.com


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