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    Question ID:   19367         Current Version: 1
Question: What is a mortgage loan prepayment penalty?
Category: Business & Finance > Renting & Real Estate
Keywords: mortgage, loan, prepayment penalty
Type: what
Rating:(0 ratings)    Views: 56    Discussions: 0   In Watch Lists: 1  

 
    Answer:

A loan prepayment penalty is an extra fee that may be due if you pay off the loan early by refinancing your home. These fees may make it too expensive to get out of the loan. If your loan includes a prepayment penalty, be aware of the penalty you would have to pay. Ask the lender if you can get a loan without a prepayment penalty, and what that loan would cost.

Source: Federal Reserve Board

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