Posted on: 04th Dec, 2013 02:04 am
I want to refinance my loan with the same lender but for some other loan program. Will I be liable for penalty?
Hi Guest,
Though you refinance with the same lender, if you are within the penalty period, then you will be liable for paying pre-payment penalty. If the pre-payment penalty period gets over, then you can refinance with any lender without paying any penalty.
Take care
Though you refinance with the same lender, if you are within the penalty period, then you will be liable for paying pre-payment penalty. If the pre-payment penalty period gets over, then you can refinance with any lender without paying any penalty.
Take care
Hi Guest!
Welcome to the forums!
Sara is right in saying so. If you are within the pre-payment penalty period, then you will have to pay the penalty irrespective of whichever loan program you refinance with.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Sara is right in saying so. If you are within the pre-payment penalty period, then you will have to pay the penalty irrespective of whichever loan program you refinance with.
Feel free to ask if you've further queries.
Sussane
We have no idea as to the terms of your loan.
Many loans have no prepayment penalty of any sort in the first place.
If you know your loan has a prepayment penalty, we would have to read the Note to understand how to answer your question.
So, do the easy thing: Call the lender and ask if you have a prepayment penalty if you refinance with them.
Many loans have no prepayment penalty of any sort in the first place.
If you know your loan has a prepayment penalty, we would have to read the Note to understand how to answer your question.
So, do the easy thing: Call the lender and ask if you have a prepayment penalty if you refinance with them.
