| Author |
Message |
|
|
 Lionelli
Joined: 08 Mar 2006
Posts: 1
0.23 Dollars($)
|
 Posted: Wed Mar 08, 2006 1:30 pm Post subject: prepayment penalty |
|
|
| Is there some type of regulation in Pennsylvannia about lenders not able to charge a prepayment fee for loans under 50,000? |
|
|
Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1602
Location: MASSACHUSETTS
149.70 Dollars($)
|
| Posted: Wed Mar 08, 2006 2:01 pm Post subject: |
|
|
Hi Lionelli,
Welcome to MortgageFit Forums.
What you have heard is correct. Under the Pennsylvania Loan and Interest and Protection Law, the lenders can't charge prepayment penalties on first and second lien residential mortgage loans up to $50,000.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
|
|
blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.84 Dollars($)
|
| Posted: Wed Mar 08, 2006 2:47 pm Post subject: |
|
|
| Prepayment penalty is permitted in Pennsylvania if the loan amount> $50,000 but it is not permitted on any amount of second mortgage. |
|
|
