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Prepayment Penalties: What They Are and How to Determine Whether the Cost Is Worth It

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You may have signed up for a 15- or 30-year loan with the intent to pay it down sooner. The sooner you pay off your mortgage, the less interest you’ll be paying in the long run. What you didn’t bet on, however, was the prepayment penalty in your mortgage contract. What a prepayment penalty is and how this can effect your early pay-off plans are discussed below. What’s a Prepayment Penalty? Read More»