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prepayment charge

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myquestion Guest 0.10 Dollars($)	Posted: Wed Nov 22, 2006 3:15 pm    Post subject: prepayment charge I have a first mortgage, and wanted to know about the prepayment charge percentage, I am in virginia
colin Moderator Joined: 30 Jun 2006 Posts: 602 Location: Waltham, Massachusetts 112.61 Dollars($)	Posted: Wed Nov 22, 2006 3:21 pm    Post subject: Hi, As per laws in Virginia, for a first mortgage loan a 2% prepayment charge of the amount of the prepayment can be imposed by the lender. In addition it is required that the home should be occupied by the borrower for this law to be effective. Colin
katie Guest 0.10 Dollars($)	Posted: Wed Nov 22, 2006 9:51 pm    Post subject: prepayment penalty on home loans in virginia In Virginia, prepayment penalty is charged on for a loan secured by a mortgage or a deed of trust on a home which is already occupied or will be occupied. The penalty shall not exceed 2% of the amount repaid as the prepayment
sara Joined: 05 Jul 2006 Posts: 1072 Location: New Brunswick, New Jersey 203.30 Dollars($)	Posted: Wed Nov 22, 2006 10:49 pm    Post subject: RE: Hi Guest, No lender can collect prepayment penalty on loans which are secured by real property having 1 to 4 family residential dwelling units. But this law is applicable only when the prepayment results from the enforcement of the lender's right to call the loan due on account of the sale of the property against which the loan is taken. Thanks, Sara

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