If you have a 30-year, $100,000 loan at 6 percent, for example, the lender knows that. If a lender tells you that the loan includes a prepayment penalty, ask questions. Find out why a penalty.

 · There is a clause which says that in case of prepayment of debt,the remaining period interest amount will be compared with the current market lending rate and all such excess amount will be paid (present value) by the holder to compensate issuer for any such re-investment risks arises due to this early redemption or clause says some variable.

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The prepayment penalty shall be an amount equual to 5% of the principal balance prepaid.". Example no. 2 – "If I make a full prepayment, the Note Holder may charge me for the privilege of prepayment if I prepay the loan in the first 60 months after the date of the loan. The prepayment penalty shall be an amount equal to six months advance interest.

Penalty Terms of the Penalty Charge Legal Reference IN First Lien Variable-Rate Mortgage Transaction53 Any Primary Any Prohibited I ND. C ODE A NN. 24-4.4-2-201(2) (West 2012) IN Consumer Loan54 Any Secondary55 3 years+ 2% of amount prepaid after deducting all refunds and rebates as of date of prepayment 56(must be charged within 60 days) I

Prepayment Clause Law and Legal Definition Prepayment clause is a loan-document provision that permits a borrower to satisfy a debt before it is due date. It is a clause in a bond or mortgage that gives the borrower the privilege of paying the mortgage indebtedness before it becomes due.

 · Acceleration and Penalty Clauses A solid Note should always provide for Penalties and repercussions for a Default. These include acceleration, which means that the balance of the loan can be made due immediately, even if the due ("maturity") date was originally set in the future. Prepayment

In this example the exit fee would be ~ $40k; this is substantially higher than the prepayment penalty above. Many stated lenders utilize the interest guarantee. Lockout: This states that the borrower is not allowed to pay the loan off within a certain period of time, for.

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prepayment penalty equal to the greater of 1% of the principal balance at the time of prepayment or $75, but no more than $200. If all or any portion of any payment is not received within 10 days after its due date, a late charge will be assessed in the a mount of $25.