this might be really a clause in your home loan agreement that enables the financial institution to get more money if you pay back the mortgage early or make additional re re re payments above a specific limitation in lowering the debt. Not only will a prepayment penalty be costly, but something that discourages borrowers from reducing their financial obligation is bad news.
ItвЂ“ it can save you thousands if you can pay more on your mortgage, do. And donвЂ™t allow the loan provider talk you into a deal thatвЂ™ll force you to complete otherwise.
Nevertheless experiencing uneasy? Have a look at this listing of concerns you ought to pose a question to your mortgage company before you make a consignment.