What is a pre-payment penalty?
A fee a lender charges a borrower for paying off a loan early or refinancing. The pre-payment penalty amount is usually based on the remaining mortgage principal balance or a certain number of months worth of interest. When a borrower applies for a loan, the Loan Estimate provided by the lender will indicate whether the borrower will be subject to a pre-payment penalty. Pre-payment penalties can substantially increase the cost of refinancing. Buyer’s should be aware of the risks and costs associated with pre-payment penalties before selecting a loan with such a penalty.
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1455 W 16th Street, Yuma Arizona.
Call: 928-446-3019
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Contact Us
1455 W 16th Street, Yuma Arizona
Call: 928-446-3019
Email: [email protected]
Office hours:
8 a.m. to 5 p.m. Closed 12pm-1pm Monday through Friday
Open Saturday and Sunday by appointment
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