An example of when this might happen is. lender and subsequently paid from the escrow account.A prepayment clause gives the borrower a right to pay off the loan prior to maturity without.
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A prepayment penalty is a fee you’ll have to pay if you pay back your loan ahead of the predetermined schedule. If the terms of your loan include a prepayment penalty clause, then you’ll be penalized if you pay off your debt early. Typically, a prepayment penalty fee is a percentage of your loan’s total remaining balance.
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.
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A prepayment penalty is a clause in a mortgage contract stating that a penalty will be assessed if the mortgage is paid down or paid off within a certain time period. The penalty is based on a percentage of the remaining mortgage balance or a certain number of months’ worth of interest.
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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 committee has proposed that banks could make an effort to elongate the tenor of fixed rate loans, say up to 30 years (without a reset clause for interest rate. Banks should charge prepayment.
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Hence, the banks and lenders impose a prepayment penalty to compensate a portion of the lost profit. Usually, your loan agreement would have a clause defining your obligations. the net interest.