Mortgage fees: Prepayment penalties

Author: External Author | | Categories: First Time Home Buyer Mortgage , Investment Property Mortage , Mortgage Broker , Mortgage Refinance

A prepayment penalty is a fee that your mortgage lender may charge if you:

  • pay more than the allowed additional amount toward your mortgage
  • break your mortgage contract
  • transfer your mortgage to another lender before the end of your term
  • pay back your entire mortgage before the end of your term, including when you sell your home

Your lender may also call the prepayment penalty a prepayment charge or breakage cost.

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Article Written By:  NA

Original Article Posted on:  2020-09-16

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