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Prepayment Penalty |
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My husband and I are refinancing our home, and as examined the documents, we noticed that the documents state that we may have a prepayment penalty if we pay the loan off early. What is your take on that? How can we determine what the penalty will be? Is it a mistake to get such a loan? |
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Congratulations on examining the documents, not everyone does. By all means find out exactly what that prepayment penalty would be, before you go through with the loan. Then you can judge for yourselves whether it's likely to cause you any problem in the future.
No way I can tell without knowing the details and your situation. |
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Edith
Originally published on November 23, 2007 |
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