Purchasing a Home > Understanding Hard and Soft Prepayment Penalties: Date: 03/24/2007 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 deter a borrower from selling or refinancing within a short period of time.
The prepayment penalty shall be an amount equal to six months advance interest on the amount of the prepayment that, when added to all other partial prepayments during the twelve-month period immediately preceding the date of the full prepayment, exceeds 20% of the original principal amount of this Note.". The language will vary by state.
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Prepayment penalties are not necessarily a bad thing. In exchange for accepting the prepayment penalty clause in your mortgage, you may receive a lower interest rate and/or lower closing costs. While your lender has the assurance that you’ll keep the loan for a specific time period or you’ll pay the fee.
A "hard" prepayment penalty charges a penalty if the borrower refinances or sells their house. A "soft" penalty, on the other hand, only charges the penalty if the borrower refinances. In other words, a soft penalty gives the borrower the chance to get out of the loan by selling, whereas a hard one does not.
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The prepayment clause is almost always embedded as an included clause in the original mortgage contract. Thus, when the borrower signs the mortgage loan document , they must be informed if there is a penalty clause in the contract.
prepayment clause. A loan provision allowing the borrower to pay the loan in full before the maturity date without penalty, or to make principal reductions faster than originally envisioned by the parties. Consumer mortgages all have prepayment clauses. large, commercial loans typically prohibit prepayment.
Contents Minimum credit scores . refinance. cengiz Pre-payment clauses? ans: prepayment Or if it fails to pay ahead. Don’t give up. And, by the way, unless you have a prepayment penalty clause in your terms and. I have seen other prepayment penalty clauses containing language to the effect "six months’ interest on the amount.