Bob Ramalho

Berkshire Hathaway - Verani Realty

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Bob Ramalho February 7, 2024

Understanding, Avoiding, and Mitigating Early Mortgage Repayment Fees

Mortgage prepayment penalties are fees charged by lenders when borrowers pay off their mortgages before the agreed-upon term. These penalties are designed to compensate lenders for potential lost interest income and can significantly impact borrowers who want to pay off their mortgages early. Here's what borrowers should watch out for and how to avoid or mitigate prepayment penalties: Understand the Terms of Your Mortgage Agreement: Before signing any mortgage agreement, carefully review the … [Read more...]

Filed Under: Home Mortgage Tips Tagged With: Loan Estimates, Mortgage Fees, Penalties

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