prepayment penalty

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Icon Mini Profile Lionelli




Joined: 08 Mar 2006

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PostPosted: 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?
Icon Mini Profile Samantha
Samantha
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Community Mentor


Joined: 16 Sep 2005

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Location: MASSACHUSETTS
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PostPosted: 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

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Joined: 21 Oct 2005

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Location: MARYLAND
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PostPosted: 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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