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Prepayment Penalty

A Prepayment Penalty is a fine imposed when a loan is paid off before it comes due. Many states now have laws against prepayment penalties, although banks with federal charters claim to be exempt from state laws. If possible, do not use a mortgage that has a prepayment penalty, or you will be charged a fine if you sell your property before your mortgage has been paid off.
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Loan
Mortgage
Prepayment Penalty

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