Prepayment Penality - Mortgagefit

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Prepayment Penality

jenkin7

Posted on: 27th Jan, 2010 07:38 pm

i took a interest only loan on may 16 2007 with 3 year prepayment penality. the time for prepayment penality ends on may 16 2010.

is there any way i can refinance my mortgage now (feb) before the interest rates go up ?

Total Reply : 2

Hi ibsamra,

I don't think you can refinance the loan before May 16. The loan agreement clearly states that you will have to pay a prepayment penalty if you pay off the loan within the first 3 years. If you refinance the mortgage, you will have to pay off the existing loan and you will be required to pay the prepayment penalty.

jenkin7

Posted on: 27th Jan, 2010 11:06 pm

It is possible, I would suggest talking to your current lender and see if they will be able to waive the remaining months. I've had that done before for several clients. Each bank is different.

tfaulhaber1

Posted on: 28th Jan, 2010 08:17 am

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