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Paying Off Early |
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What options does a buyer have who wants to pay off a loan before its due date? The loan was obtained from the private party that sold his property to the note holder. |
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The answer lies in the provisions of your mortgage. You should have a copy -- read it. It will state whether there are any penalties for prepayment.
There are also state laws on the subject, and I don't know what applies in California.
In general, you should have the right to pay off the loan when you want. Whether any penalties apply, you'll have to find out for yourself. If you can't figure it out, take your documents to a lawyer. |
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Edith
Originally published on July 8, 2008 |
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