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Additional Details
I think the question is clear as it reads.... |
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 My ex-fiance refuses to move from my home? |
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I have been renting a room in a house from this Chinese ladie in Alhambra, CA for the past few months. We did not sign a written agreement. She did, however, ask for a deposit.
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jmpoct03 | Is there such thing that if you get approved for a mortgage that you can't pay it off forat least 3 years? |
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tonalc1
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Yes, some lending companies and banks have a prepayment penalty. |
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Erika B
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some do, besides it kind of messes with your credit to pay off big things all at once |
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.·:*RENE*:·.
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Yes, any type of loan can have prepayment penalties... not just a home loan. You should always ask the loan agent if early pay off is accepted, or if you will be fined... prior to applying for the loan. |
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David Reed
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Typically, no. Some loans do have "prepayment penalties" that require no prepayments/refinances whatsoever. You can certainly pay them off, but you will pay a premium to do so.
Usually associated with sub prime or non prime loans. |
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Yoli
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Yes, and the only reason if you are given a 3 year prepayment penalty. You can pay the loan off during the 3 year prepay period, but you have to pay the lender interest (a penalty) against 80% of your original loan amount. The prepay usually is about 6 months worth of interest. To calculate a prepay take your original loan amount x your rate divided by 2. |
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MOM KNOWS EVERYTHING
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Yes...they want to guarantee that they get at least that much interest from you. After all, they are in the business to make money. |
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3eleven
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Yes, it's called a prepayment penalty |
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kadel
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Some have a prepayment penalty. They tried to do that to me, but I told them to redo it and they did. |
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golferwhoworks
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no you can always pay off a mortgage at any time. With that being said you may have a prepayment penalty that will be triggered if you exceed 20% of the balance in any given year. In other words you can pay up to 20% of the balance in excess of your normal monthly payment in any given year with out any penalty. If you exceed this by just $1then your penalty is only on the $1. NOT the 20%. In many notes it is 6 months interest on the amount of over payment. Always refer to your NOTE and any addendum to the note as it will explain it in detail under borrowers right to repay. |
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cloothe
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That used to be very common. These days it is almost unheard of. Fannie Mae--the government company that buys and sells mortgages--requires that any mortgage they buy be written to allow repayment at any time. Since most lenders sell a lot of their mortgage portfolio (and almost all of them want to have the flexibility to do this), no-repayment clauses are very nowadays. |
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James H
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Read the mortgage document itself, especially the "prepayment" clause. Some mortgages have a penalty for early prepayment, to offset the lender's expenses of originating the loan. |
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linkus86
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Yes. Put yourself in the lenders shoes to understand. This large corporation is going to hand you thousands of dollars to buy a house and in return you are going to pay them a whole lot of interest. And since a mortgage is amortized, you are going to pay more interest in the first few years than you ever will during the life of the loan. Thus the large corporation can almost depend upon making at least X amount of dollars from you to pay for the Christmas party they have every year. If you were to pay them back before you paid all that interest back, the caviar served at the Christmas party would turn into spam which makes for an angry banker. The bank can't prevent you from repaying the loan at any time, but what they can do is guarantee the smallest amount they planned on getting from you by incorporating a pre-payment penalty fee if you chose to do so anyway. Banks will get you coming and going, if you aren't careful. |
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Openthathouse.com
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Lets sum it all up and give you some definitions to prepays. There are two prepays:
Soft> Prepay can be forgiven if property sold but will get charged if you refiance in the Prepayment Penalty term
Hard> Prepay cannot be forgiven if property sold and refinanced. You are charge a percentage of the loan amount or dollar amount determined by the bank.
Advise: If you have to take a prepayment penalty and most subprime lenders have these. Than request for a Soft Prepayment penalty not HARD. |
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osageavenger
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some banks do that. |
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