More About Loan Prepayment Penalties

1. More About Loan Prepayment Penalties Prepayment penalty is the fees charged by lenders if the borrower pays off the loan before the loan term ends. All loans does not  include a prepayment penalty & it is charged only if the condition was written in the mortgage agreement. The penalty is charged to protect the lender from the loss of interest income which it would have earned over the term of loan. The amount of penalty is generally based upon the balance of mortgage to be paid off. TYPES Hard prepayment penalty Soft prepayment penalty 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 8522 Broadway St., Ste. 208 San Antonio, TX 78217 210-340-0404 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 16165 North 83rd Ave., Ste. 200 Peoria, AZ 85382 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 480-752-3110 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com Image Source: Designed by Freepik