Prepayment Penalty Clause Example

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prepayment penalty. Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law.. For example, San Diego Unified. The district cannot pay off the loan until 2051 because there is no prepayment clause.

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A prepayment penalty is a fee you’ll have to pay if you pay back your loan ahead of the predetermined schedule. If the terms of your loan include a prepayment penalty clause, then you’ll be penalized if you pay off your debt early. Typically, a prepayment penalty fee is a percentage of your loan’s total remaining balance.

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A prepayment penalty is inserted into a mortgage loan in order to deter a borrower from selling or refinancing within a short period of time. If the borrower does decide to pay back the loan earlier than the original terms called for, a prepayment penalty clause will require him to pay the lender an additional fee.

Use Bank of America’s comprehensive mortgage terms glossary to get definitions of mortgage terms that may come up throughout the loan process.

How do you know if your mortgage has a prepayment penalty, and what. For example, if there's a five-year prepayment penalty, maybe you.

For example, some mortgages allow larger payments of up to 20% of the purchase price once a year-without charging a prepayment penalty. This means that while you might not be able to pay off the full mortgage, you could pay up to 20% of the purchase price each year without triggering a penalty.

prepayment clause. A loan provision allowing the borrower to pay the loan in full before the maturity date without penalty, or to make principal reductions faster than originally envisioned by the parties. Consumer mortgages all have prepayment clauses. Large, commercial loans typically prohibit prepayment.

 · For instance, certain auto loans come with a prepayment penalty clause. Some personal loans do as well, though many personal loan lenders – like Discover, Wells Fargo and Prosper – specifically advertise that they don’t have these fees. You might also come across a prepayment penalty on a home equity line of credit, or HELOC.