What is Prepayment Penalty?
What is Prepayment Penalty?
Your loan may have a prepayment penalty, which means if you want to pay off a chunk of your mortgage early, the lender will charge you a fee for doing so.
When establishing a loan, Research Maniacs strongly recommends that you make sure that your loan does not include a prepayment penalty.
Any reputable financial institution should agree to your request. You DO NOT want a Prepayment Penalty Mortgage (PPM).
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