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Insurance and Mortgage Prepayment Penalty

A prepayment penalty on a mortgage essentially charges you extra if you pay off the mortgage early. What is considered early, however, will be laid out in your loan documents and therefore must be scrutinized carefully. Not all mortgages come with them, and they are certainly not required.
A prepayment penalty must be paid in order to refinance or sell the house before a certain period of time has elapsed, usually two to three years, although some loans can have them in effect for up to ten years. Also, some prepayment penalties will decline over time, but most don’t.
Moreover, some penalties may only be activated in the case of a refinance and not a home sale. Typically, the penalty is expressed as either a percentage of the loan balance or a certain number of months interest. But either way, these penalties are often high and can be as much as six months’ worth of interest on the loan.

Getting a Prepayment Penalty

A prepayment penalty is part of the loan package, just like the interest rate and any points, and therefore will be laid out with terms and conditions in the loan documents. Lenders can’t add it later without your express permission.
However, some mortgage brokers and loan officers are guilty of less-than-full disclosure, which means it’s up to you to do your due diligence in reviewing the paperwork, regardless of what your broker verbally assures you. In turn, this means that signing loan docs may take a very long time if you haven’t reviewed them beforehand.
Don’t be pressured into reviewing what’s enclosed faster than you’re comfortable with. Sadly, many a prepayment penalty has made it onto people’s loans by somewhat nefarious means. You may even want to have your documents reviewed by an attorney before you sign because once you’ve “agreed” to a prepayment penalty, you can’t get rid of it until it expires or you pay for it.

When Might a Prepayment Penalty Help You?

Generally, your loan officer will prefer a mortgage with a prepayment penalty because they are paid a larger commission. However, that isn’t necessarily all bad.
In turn, it allows for a slightly lower interest rate or lower out-of-pocket costs on the loan. For example, if most of your free cash has gone towards a down payment, accepting a loan with a prepayment penalty can be a way for you to get mortgage fees covered and reduce closing costs.
In fact, since some prepayment penalties are for a short period of time, such as six months or a year, you can lower these costs without significantly compromising your ability to sell or refinance the home in the future.

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