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How can you get out of a home loan prepayment penalty?

Heather Maxwell

in Student Loans

1 answer

1 answer

Roger Moore on June 23, 2019

Response . If this prepayment penalty is written in the contract, there is no way that you can get out of it. Generally, however, the prepayment penalties last about 3 years. At the end of the of the 3 years, the prepayment penalty is gone. Also, some companies will forgive the prepayment penalty, if you get your new mortgage through them if you're selling your current home and purchasing another home. Prepayment penalties are usually to pay the loan, or the payment of large amounts in the loan. The contact will specify what the payment is for.

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