26 July 2010

For example, some of them won’t allow any pre-payments within 30 days of the discharge date.
That’s why if you’re going to pre-pay a part of your mortgage in order to reduce your penalty, remember to do the following:
1.    Find out about your lender’s policy concerning pre-payment terms limits. Make sure these pre-payments will reduce your penalty.  
2.    Also make sure your lender has applied the pre-payment to your account BEFORE your lawyer requests the payout statement.  
Otherwise, your penalty may be not reduced at all.

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