Prepayment Penalty Definition

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A prepayment penalty, also known as a "prepay" in the industry, is an agreement between a borrower and a bank or mortgage lender that regulates what the borrower is allowed to pay off and when. Most mortgage lenders allow borrowers to pay off up to 20 percent of the loan balance each year.

Lenders typically impose a prepayment penalty on all financial products that create a creditor-debtor relationship. As the creditor, the lender relies on the terms of the original loan to predict a return on investment. As insurance against that loss of revenue, commercial mortgage lenders may include a step-down clause in the mortgage contract.

Prepayment penalty : read the definition of Prepayment penalty and 8,000+ other financial and investing terms in the Financial Glossary.

Mortgage prepayment penalty. Sale of home. See Part II for more detailed definitions of grandfathered debt and home acquisition debt. You can use Figure A.

(D) an assistive device, as defined in section 41c of this title; or. A borrower may prepay a loan at any time, without prepayment premium or penalty. (Added.

A variable rate loan does not have a prepayment penalty, but if you enter an interest rate swap and pay off your loan early, you would need to.

Mortgage prepayment penalties can cost you thousands if you sell or refinance too early on in your home loan. Learn about how and why many mortgage lenders calculate prepayment penalties and what options you have to avoid paying them.

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Prepayment penalty is mostly charged in cases where s/he pays one or more monthly payments before the due date. Prepayment penalty is usually included as a clause in a mortgage agreement. A prepayment penalty that applies to the sale of a home and a refinancing transaction is called a "hard" prepayment penalty.

Prepayment Penalty Law and Legal Definition Prepayment penalty is a charge assessed against a borrower who elects to pay off a loan before it is due. It is a fee that a lender may assess if a borrower repays a loan before the scheduled maturity.