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Prepayment Penalty Mortgage

Track this trend
(Monitor this trend over time)
 12 Months
Trend: declining
MOM change: -0.05%
 5 Years
Trend: growing
MOM change: 0.74%

Latest forum discussions

We tracked 43 total in the last 3 months

... pay down the loan? does penalty still exist after lock in... there can sometimes be minimum prepayment increments and notice periods. That... your prepayment and don’t prepay at least $10,000 extra, a penalty... just have to read the mortgage offer details carefully before signing. ... payments on a low cost mortgage. Save and prudently invest excess ...
Published on 2021-01-30 in the Money Mind forum
This discussion is in English.
We have a mortgage with about $400k remaining balance that we have been paying down each year with principal curtailments and regular payments up to its $50k penalty-free limit. If we go over that yearly limit, it seems like 1% of the excess principal payment would go towards a penalty (although I'm not entirely sure as we haven't done that yet). The mortgage has an after-tax interest rate of 3.7%...
Published on 2021-02-26 in the Personal Finance (Not Investing) forum
This discussion is in English.
We have a mortgage with about $400k remaining balance that we have been paying down each year with principal curtailments and regular payments up to its $50k penalty-free limit. If we go over that yearly limit, it seems like 1% of the excess principal payment would go towards a penalty (although I'm not entirely sure as we haven't done that yet). The mortgage has an after-tax interest rate of 3.7%...
Published on 2021-02-26 in the Personal Finance (Not Investing) forum
This discussion is in English.
... states, if not all, prohibit prepayment penalties on residential mortgages. Also... chance that it has a prepayment penalty. I’ve only seen them... federal government runs the residential mortgage business as a monopoly. Demand...
Published in Utah on 2021-03-06 in the The Lounge forum
This discussion is in English.
... states, if not all, prohibit prepayment penalties on residential mortgages. Also... chance that it has a prepayment penalty. I’ve only seen them... federal government runs the residential mortgage business as a monopoly. Demand...
Published in Utah on 2021-03-06 in the The Lounge forum
This discussion is in English.
... like to pay down our mortgage. I know people will debate... years/$350k+ left on the mortgage, so this will be a ... to discuss this with the mortgage company though. Any additional payment ... down in writing by the mortgage company. We do this on ... online. Our loans have no prepayment penalty and are fixed conventional mortgages. ...
Published on 2021-02-11 in the Money and Finances forum
This discussion is in English.
... like to pay down our mortgage. I know people will debate... years/$350k+ left on the mortgage, so this will be a ... to discuss this with the mortgage company though. Any additional payment ... down in writing by the mortgage company. We do this on ... online. Our loans have no prepayment penalty and are fixed conventional mortgages. ...
Published on 2021-02-11 in the Money and Finances forum
This discussion is in English.
Forget about fixed, always get a variable rate. Historically it turned out to be better, plus you get a much better prepayment penalty clause (no IRD based penalty garbage). You may also get cheaper rates from banks that do not deal with brokers, so at least ask around people who recently got mortgage.
Published on 2021-02-01 in the Real Estate forum
This discussion is in English.
Forget about fixed, always get a variable rate. Historically it turned out to be better, plus you get a much better prepayment penalty clause (no IRD based penalty garbage). You may also get cheaper rates from banks that do not deal with brokers, so at least ask around people who recently got mortgage.
Published on 2021-02-01 in the Real Estate forum
This discussion is in English.
SaskCanesFan wrote: ↑ True, but there's more involved than just rates. When you become one of the majority of people that end up breaking their mortgage at least you won't get bent over a barrel without any lube going through a broker and avoiding a big bank. Can you give me an example? Say, you go with a 5-year variable rate. How would the early prepayment penalty differ?
Published on 2021-01-23 in the Real Estate forum
This discussion is in English.
SaskCanesFan wrote: ↑ True, but there's more involved than just rates. When you become one of the majority of people that end up breaking their mortgage at least you won't get bent over a barrel without any lube going through a broker and avoiding a big bank. Can you give me an example? Say, you go with a 5-year variable rate. How would the early prepayment penalty differ?
Published on 2021-01-23 in the Real Estate forum
This discussion is in English.
... was a 15 year mortgage with a prepayment penalty for the first 10 years... a letter stating that the mortgage was paid in full.
Published in North Carolina on 2021-03-08 in the Personal Finance (Not Investing) forum
This discussion is in English.
... was a 15 year mortgage with a prepayment penalty for the first 10 years... a letter stating that the mortgage was paid in full.
Published in North Carolina on 2021-03-08 in the Personal Finance (Not Investing) forum
This discussion is in English.
... way, and pay off the mortgage sooner making the larger minimum ... anything, since there is not prepayment penalty anyway. This is a false... him. Don't make another mortgage payment without learning this one ...
Published on 2021-02-24 in the Personal Finance (Not Investing) forum
This discussion is in English.
... way, and pay off the mortgage sooner making the larger minimum ... anything, since there is not prepayment penalty anyway. This is a false... him. Don't make another mortgage payment without learning this one ...
Published on 2021-02-24 in the Personal Finance (Not Investing) forum
This discussion is in English.
... it true? It says no prepayment penalty on the mortgage statement but I did sign... if I pay off the mortgage within 36 months. Thanks!
Published on 2021-02-13 in the Personal Finance (Not Investing) forum
This discussion is in English.
... it true? It says no prepayment penalty on the mortgage statement but I did sign... if I pay off the mortgage within 36 months. Thanks!
Published on 2021-02-13 in the Personal Finance (Not Investing) forum
This discussion is in English.
...like having an extra small mortgage. I am not paying off... my mortgage now because I want to ...have liquidity and think the mortgage interest rate is smaller than ...)? There is no early withdrawal penalty. arcticpineapplecorp. wrote: ↑Thu Feb 04,...an associated cost (early withdrawal penalty). I keep struggling with this .... you don't want any prepayment penalty/or front loading of interest ...
Published on 2021-02-04 in the Personal Finance (Not Investing) forum
This discussion is in English.
...like having an extra small mortgage. I am not paying off... my mortgage now because I want to ...have liquidity and think the mortgage interest rate is smaller than ...)? There is no early withdrawal penalty. arcticpineapplecorp. wrote: ↑Thu Feb 04,...an associated cost (early withdrawal penalty). I keep struggling with this .... you don't want any prepayment penalty/or front loading of interest ...
Published on 2021-02-04 in the Personal Finance (Not Investing) forum
This discussion is in English.