|
|
| *Loan,banking and credit>>>mortgage loan |
How do i calculate the prepayment penalty on my mortgage loans? |
How do i calculate the prepayment penalty on my mortgage loans? Read your mortgage! That would be spelled out in your loan agreement. Usually a percentage of the amount you prepay above a certain amount Usually, it's 6 months interest on 80% of the balance, but why not just call your lender's customer service department? this article has alot on real estates, mortgage etc that should help you out free useful articles and tips on almost any topic- http://www.free-articles.blogspot.com... It depends on the type of pre-payment penalty you have and what what percentage it is at. If you have HARD prepayment penalty, you will be charged the penalty whether you are selling or refinancing. If you have a SOFT pre-payment penalty, you will only be charged if you are refinancing. Your particular pre-payment penalty may be anywhere from 1-5% of the remaining loan balance, this should be spelled out clearly in your mortgage paperwork. They also normally last for 1-3 years depending again on what it says in your paperwork. Reginald Whitcomb - Mortgage Planner 978-998-7157 - reggie.whitcomb@redwoodfp.com http://www.redwoodfp.com |
| Tags |
| mortgage loan consolidation loan commercial loan auto loan fha loan payday loan |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |