Prepayment Penalties: What You Need To Know
Prepayment penalties can be a costly surprise for borrowers. Unfamiliar with the terms of their loan, many people are unaware that prepayment penalties exist and even less understand how much they could cost or when they may be triggered. Here is what you need to know about prepayment penalties so you can make sure you are protected:
A prepayment penalty is a fee charged if a borrower pays off their loan ahead of schedule. Prepayment penalty fees vary from lender to lender, but generally range between 2-4% of the total loan amount. Depending on the terms of your loan agreement, a penalty may be triggered if you make an extra payment, refinance your loan or pay off your entire balance early.
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