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Prepayment Penalty

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alan1111

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Post Posted: Fri Feb 29, 2008 9:10 am    Post subject: pre payments
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isn't there a federal law against the "prepayment" penalty placed on our loans?
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Post Posted: Fri Feb 29, 2008 6:28 pm    Post subject:
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Hi Alan,

Welcome to the forum.

Some states approve prepayment penalty, some states do not approve it. But I think there is no federal law regarding prepayment penalty.

In some states where prepayment penalty is permitted, state law says that the lender can enforce within the first few years after you take the mortgage.

Best of luck,
Larry
Icon Mini Profile adonis
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Post Posted: Sat Mar 01, 2008 12:09 am    Post subject:
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Alan,

what type of loan do you have and is it a primary residence or investment property?

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Icon Mini Profile freds11





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Post Posted: Wed Mar 19, 2008 10:30 am    Post subject:
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Welcome to the forum Alan. I have n0ot heard of a fed law concerning prepayment.
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Looking at refinancing mortgage in the near future.
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