Definition Of Prepayment Penalty
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Prepayment: A prepayment is the settlement of a debt or installment payment before its official due date. A prepayment can either be made for the entire balance of a liability or for an upcoming.
A pre-payment penalty means that if you pay off your mortgage loan earlier than agreed, you will pay a penalty. However, if you agree to pay a pre-payment penalty, you will usually get a better interest rate.
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Prepayment Penalty: A prepayment penalty is a clause in a mortgage contract stating that a penalty will be assessed if the mortgage is prepaid within a certain time period. The penalty is based on.
Prepayment penalty : read the definition of Prepayment penalty and 8,000+ other financial and investing terms in the NASDAQ.com Financial Glossary.
Prepayment Penalty: A prepayment penalty is a clause in a mortgage contract stating that a penalty will be assessed if the mortgage is prepaid within a certain time period. The penalty is based on. The rule’s definition of a prepayment penalty does not include certain bona fide third-party charges waived at consummation (and expected to be.
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A hard prepayment penalty, on the other hand, sticks the borrower with a penalty if they sell their home OR refinance their mortgage. Obviously, this is the tougher of the two, and basically gives a borrower no option of jumping ship if they need to sell their home quickly after obtaining a mortgage.
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prepayment penalty: A penalty sometimes charged to a borrower who makes a prepayment.
Definition of a Prepayment Penalty. A prepayment penalty mortgage, or PPM, includes a clause that allows the lender to charge substantial penalties and fees if you pay back all or part of the original loan amount before the mortgage’s maturity date, excluding the normal amounts of principal repaid through the lender’s payment schedule.
A prepayment penalty is a mortgage provision that states that a penalty, or fee, will be assessed to a borrower if an outstanding liability is paid off before a certain time period. Lenders typically calculate these fees as a percentage of the outstanding loan balance, the cost of lost interest payments, or as a flat fee.