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Prepayment Penalty

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alan1111 Guest	Posted: Fri Feb 29, 2008 9:10 am    Post subject: pre payments Like 0 Dislike 0 isn't there a federal law against the "prepayment" penalty placed on our loans?
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Fri Feb 29, 2008 6:28 pm    Post subject: Like 0 Dislike 0 Hi Alan, Welcome to the forum. Some states approve prepayment penalty, some states do not approve it. But I think there is no federal law regarding prepayment penalty. In some states where prepayment penalty is permitted, state law says that the lender can enforce within the first few years after you take the mortgage. Best of luck, Larry
adonis Joined: 22 Oct 2005 Posts: 10242 Location: ALASKA 1042.50 Dollars($)	Posted: Sat Mar 01, 2008 12:09 am    Post subject: Like 0 Dislike 0 Alan, what type of loan do you have and is it a primary residence or investment property? _________________ Procrastination is the enemy of your financial success
freds11 Joined: 17 Mar 2008 Posts: 17 4.91 Dollars($)	Posted: Wed Mar 19, 2008 10:30 am    Post subject: Like 0 Dislike 0 Welcome to the forum Alan. I have n0ot heard of a fed law concerning prepayment. _________________ Looking at refinancing mortgage in the near future.

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