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The primary benefit of making prepayments is the potential for significant interest savings. Every extra dollar you put towards your mortgage is a dollar less you'll be charged interest on. Over time, these savings can add up to a substantial amount.

If your mortgage has a hard prepayment penalty, paying off your mortgage early might not be the best financial decision. You should ask your lender about the specific fees to determine how much you'll pay in penalty fees versus how much you'll save in interest payments.

A prepayment penalty clause states that a penalty will be assessed if the borrower significantly pays down or pays off the mortgage, usually within the first five years of the loan. Prepayment penalties serve as protection for lenders against losing interest income.

A mortgage prepayment penalty is a fee that some lenders charge when you pay all or part of your mortgage loan off early. The penalty fee is an incentive for borrowers to pay back their principal slowly over a longer term, allowing mortgage lenders to collect interest.

Borrower shall have the right to prepay the full amount of any unpaid principal and accrued interest due under this Agreement, at any time without any penalty. No Prepayment Penalties. The Loan may be prepaid, in full or in part, at any time prior to the Maturity Date without premium or penalty.

What a prepayment clause is. Prepayment clauses are a part of your contract specifying how and when you can pay off a loan. Some may have a prepayment penalty ? a fee for paying off a loan early or making extra payments. This is especially common with auto loans that use precomputed interest.

Under New York state law and regulations, state banks and state-licensed lenders can impose prepayment fees only under the following circumstances: 1. For fixed-rate mortgages, they can charge a fee only if the loan is repaid within the first year of its term and the contract provides for it.

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New York Prepayment Agreement

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