For instance, certain auto loans come with a prepayment penalty clause. Some personal loans do as well, though many personal loan lenders – like Discover, Wells Fargo and Prosper – specifically advertise that they don’t have these fees. You might also come across a prepayment penalty on a.
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Prepayment Penalty Sample Clauses – Law Insider – Prepayment Penalty.With respect to each Mortgage Loan that has a Prepayment Penalty feature, each such prepayment penalty shall be enforceable and will be enforced by the Company for the benefit of the Purchaser, and each Prepayment Penalty shall be permitted pursuant to federal, state and local law.
Prepayment Penalty Clauses | Boston Real Estate Lawyer. – The purpose of these clauses is to compensate lenders for not obtaining interest income they anticipated, and for the possibility that the loan amount will have to be reinvested at a lower interest rate. At Pulgini & Norton, our real estate lawyers can advise individuals and lenders in the Boston area with regard to prepayment penalty clauses.
Prepayment Clauses (With Optional Penalty. – Lexis – 3. Maker shall have the right to prepay the principal in whole or in part at any time, and from time to time, prior to maturity; and interest shall immediately cease to accrue, as of the date of payment, on any amount of principal that is prepaid. [add prepayment penalty provision if desired, e.g.,
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Language for Prepayment Penalty – Bankers Online – 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.
Mortgage Prepayment Penalties – The Mortgage Professor – A prepayment penalty is a provision of your contract with the lender that states that in the event you pay off the loan entirely, you will pay a penalty. Penalties are usually expressed as a percent of the outstanding balance at time of prepayment, or a specified number of months of interest.
Prepayment in a sentence | Example sentences – Without the above prepayment penalty clause, you may have to pay the lender their full. The main complexity in valuing MBSs is the prepayment option given to mortgage borrowers. The refinancing rate that is available to borrowers is the key input to a prepayment model.