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prepayment penalty

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Lionelli Joined: 08 Mar 2006 Posts: 1 0.23 Dollars($)	Posted: Wed Mar 08, 2006 1:30 pm    Post subject: prepayment penalty Is there some type of regulation in Pennsylvannia about lenders not able to charge a prepayment fee for loans under 50,000?
Samantha Community Mentor Joined: 16 Sep 2005 Posts: 1453 Location: MASSACHUSETTS 121.02 Dollars($)	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 $50,000. God bless you. For MortgageFit, Samantha _________________ Know how to compare lenders with mortgage booklet
blue Joined: 21 Oct 2005 Posts: 1135 Location: MARYLAND 134.28 Dollars($)	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.

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