2007-06-18 10:40:56 · 5 answers · asked by bill g 1 in Business & Finance ➔ Personal Finance
That depends on if you have already closed the loan or not. If you haven't closed the loan yet, ask the mortgage company to set you up with a mortgage with no prepay. If you have already closed, there is nothing you can do but wait it out until the prepayment period is over.
2007-06-18 10:47:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will have to buy it out, but I agree with the first poster sometimes they will waive it if you go back to them.
Other options, very rare options but ive seen them happen, you didnt get a 3 day right of recession. You didnt sign the prepayment rider etc. That will take an attorney and going to court.
Try a mortgage company. We are paid YSP. Its what the bank pays us for a loan. Lets say your mortgage company is willing to use that YSP to pay down or off your prepayment penalty.
Lets say rates are 6.25% And you say I will take a 7%. The Mortgage company can say okay I give you back 2.5% toward your prepayment. And then maybe you refinance to get a better rate in a few months. Your risk is that rates go up, just make sure your new loan doesnt have a prepayment penalty.
2007-06-18 17:50:17 · answer #2 · answered by financing_loans 6 · 0⤊ 0⤋
You don't, unless you pay it off and pay the prepayment penalty. OR, you wait until the prepayment penalty period passes, if it DOES pass after a period of time.
2007-06-18 18:03:01 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
You can't, unless you're refinancing with the company you did your mortgage with, then somtimes they will waive it
2007-06-18 17:43:10 · answer #4 · answered by Rob C 2 · 0⤊ 0⤋
DITECH.COM , they can work MIRACLES.
2007-06-18 17:48:30 · answer #5 · answered by Laszlo D 4 · 0⤊ 0⤋