Posted on: 06th Apr, 2009 07:38 am
My uncles house house burned and the his insurance settled and he to his settlement money and paid off his mortgage. Ameriacan general pentilized him 5k for paying off his loan early.
Hi Darrn, Im very sorry about the house. As far as the penalty it all depend on the terms he signed in the beginning of the loan. Usually most banks or lenders will charge a penalty for paying off the mortgage early. Hope this helps.