Prepayment Penalty Clause Example

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A prepayment penalty is a clause in a mortgage contract stating that a penalty will be assessed if the mortgage is paid down or paid off within a certain time period. The penalty is based on a percentage of the remaining mortgage balance or a certain number of months’ worth of interest.

Prepayment Penalty. Some part of the balance, usually 20%, can be prepaid without penalty. Usually, the penalty declines or disappears as the mortgage ages. For example, the penalty might be 3% of the balance net of the exclusion within the first year, 2% in the second year, and 1% in the third year.

Do you have the right to prepay your loan without penalty? This is important; you should know your rights before you complete the settlement. You should discuss this with your lender well in advance.

A spens, Spens, spens clause, or Spens clause is a provision in a security (for example a bond) which allows a borrower to repay the principal amount (and hence discharge their obligation to the lender) earlier than the contractual repayment date, on payment of a specified penalty, also referred to as a "make whole" payment, in excess of the principal (or face value) of the security.

No prepayment fees or penalties. Additional payments towards your principal balance allow you to repay your loan early by reducing the total amount of interest you’ll pay. A full prepayment of your outstanding principal balance, plus any accrued interest or fees, will pay off your loan and bring an end to your monthly payments.

In the mortgage world, you will often come across loan clauses called prepayment penalties. A prepayment penalty is inserted into a mortgage loan in order to.

Another option: Take out a traditional 30-year fixed-rate loan that does not charge a prepayment penalty. Then just send in extra payments. If you gave up your 2006 honda accord, for example, you’d.

 · Prepayment Penalty Clause Dispute. I have seen other prepayment penalty clauses containing language to the effect "six months’ interest on the amount by which the prepayment, when added to the total of prepayments made during the twelve month period immediately preceding the date of the prepayment . . ." etc.

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