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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of P
Prepayment Penalty
Prepayment Penalty means a lender will charge a fee to the borrower for paying off the entire loan or a large portion of the principal (generally an amount that exceeds 20% of the original principal balance) before the end of the term of the loan, and with the "prepayment penalty mortgage" (PPM), that specified period of time for the penalty in effect range is usually between 2 to 5 years from the start of the loan. More about Prepayment Penalty
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