Mortgage prepayment penalties are fees charged by lenders when borrowers pay off their mortgages before the agreed-upon term. These penalties are designed to compensate lenders for potential lost interest income and can significantly impact borrowers who want to pay off their mortgages early.
You have worked hard for your money, and you probably want to save as much of it as you possibly can. That means you need to find the best possible mortgage deal you can.
It is exciting to hear that an offer has been accepted, and many homeowners are ready to move into their new houses as quickly as possible. At the same time, homeowners must take the time to review all documents associated with the purchase