2006-07-27 12:14:17 · 6 answers · asked by dunce002917 2 in Business & Finance ➔ Renting & Real Estate
Read your mortgage!
2006-07-27 12:18:18 · answer #1 · answered by Daniel Z 6 · 0⤊ 0⤋
It depends on the type of pre-payment penalty you have and what what percentage it is at.
If you have HARD prepayment penalty, you will be charged the penalty whether you are selling or refinancing.
If you have a SOFT pre-payment penalty, you will only be charged if you are refinancing.
Your particular pre-payment penalty may be anywhere from 1-5% of the remaining loan balance, this should be spelled out clearly in your mortgage paperwork.
They also normally last for 1-3 years depending again on what it says in your paperwork.
2006-07-27 12:31:46 · answer #2 · answered by ReggieWjr1 4 · 0⤊ 0⤋
That would be spelled out in your loan agreement. Usually a percentage of the amount you prepay above a certain amount
2006-07-27 12:18:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Usually, it's 6 months interest on 80% of the balance, but why not just call your lender's customer service department?
2006-07-27 12:22:13 · answer #4 · answered by answermann 3 · 0⤊ 0⤋
Move to Maryland, we don't have prepayment penalties, it's illegal here.
2006-07-28 04:15:01 · answer #5 · answered by akc1106 4 · 0⤊ 0⤋
this article has alot on real estates, mortgage etc that should help you out
2006-07-27 12:26:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋