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Prepayment Penalty Clause

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Prepayment Penalty Clause – Real Estate – A prepayment penalty is a charge the borrower pays when a mortgage is repaid before a certain period of time elapses. Not all lenders impose a prepayment penalty. From a mortgage lender’s perspective a prepayment penalty helps the lender at least recoup some or all of the significant expense it incurs in putting a new loan on the books.

Understanding a Mortgage Prepayment Penalty | US News – The easiest way to find out if you currently have a prepayment penalty is to dig out the paperwork you have from when you signed your final paperwork and look for your mortgage note. There usually will be wording in your note that outlines the prepayment penalty terms.

FRM: Mortgage prepayment metrics CPR & SMM No Prepayment Penalty Sample Clauses – Law Insider – No Prepayment Penalty. Borrower shall have the right to prepay this Note in full or in part at any time without the imposition of any prepayment fee or penalty. Any partial prepayments shall be applied first to any accrued and unpaid interest due under this Note and the balance, fi any, to the understanding principal balance of this Note.

For instance, certain auto loans come with a prepayment penalty clause. Some personal loans do as well, though many personal loan lenders – like Discover, Wells Fargo and Prosper – specifically advertise that they don’t have these fees. You might also come across a prepayment penalty on a home equity line of credit, or HELOC.

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Mortgage holders seeking to pay off the loan principal early may incur a stiff penalty from their lender. These fees–called prepayment penalties–protect a lender.

Prepayment Fee Provisions: Enforceable or Not? – 5/30/2013  · A prepayment is a prepayment is a prepayment, right?. Not necessarily. In determining the enforceability of prepayment fee provisions, courts historically have drawn a distinction between the borrower’s voluntary prepayment of a loan (i.e., a refinancing) and so-called “involuntary” prepayments, such as application of collateral proceeds or funds received through enforcement actions.

Prepayment of loan – Wikipedia – As another way to compensate for prepayment risk (which is a reinvestment risk), a prepayment penalty clause is often included in the loan contract. "Soft" prepayment terms can allow prepayment without penalty if the home is sold. "Hard" prepayment terms do not allow any exceptions without penalty.

Mortgage Prepayment Clauses: An Economic and Legal Analysis – the due-on-sale clause as imposing a form of prepayment penalty; the clause both com- pels prepayment when the real estate is sold and also requires the borrower to pay at par (i.e., the face amount of the loan balance) when in reality the loan may have a consider-