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What is a clause with prepayment penalty?

A prepayment penalty clause is common in mortgage contracts, and it specifies that if the borrower pays down or pays off the mortgage early, usually within the first five years of the loan, a penalty will be levied.

What are the examples of prepayment penalties?

Commercial real estate loans may have several different types of prepayment penalties. The most common are lockout, fixed, step-down, defeasance, and yield maintenance.

What are prepayment clauses in real estate?

A prepayment clause allows the borrower to pay the debt before the due date. A prepayment penalty is a charge imposed on a borrower who pays off the loan early. This clause states that the borrower cannot repay a loan prior to a specified date without paying a fee.

What is a prepayment privilege clause?

What Is a Prepayment Privilege? The term prepayment privilege refers to the right a consumer has to pay part or all of a debt prior to its maturity or ahead of schedule, usually without the risk of incurring any penalties. Prepayment privileges are often associated with mortgages or automobile loans.

What are prepayment privileges for standard mortgage?

A prepayment privilege is the amount you can put toward your mortgage on top of your regular payments, without having to pay a prepayment penalty. Your prepayment privileges allow you to: increase your regular payments by a certain percentage.

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What is an example of prepayment privilege?

Example of a Prepayment Penalty A homeowner decides to refinance a two-year-old mortgage with a remaining balance of $250,000. If there is a prepayment penalty of 4%, said homeowner would pay $10,000 to the original lender for paying off the mortgage early.

What is the 5 4 3 2 1 prepayment penalty?

Generally, the penalty is a straightforward declining payment schedule. For example, a 5-4-3-2-1 schedule for a 5 year loan term would make the borrower responsible for paying a penalty of 5% of the outstanding balance if prepaying the loan in the first year, 4% in the second year, 3% in the third year, and so on.

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