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For many kinds of new mortgages, the lender can't charge a prepayment penalty?a charge for paying off your mortgage early. If your lender can charge a prepayment penalty, it can only do so for the first three years of your loan and the amount of the penalty is capped.

The prepayment penalty in the case of a loan secured by a mortgage or deed of trust on a home that is occupied or to be occupied in whole or in part by a borrower shall not exceed two percent of the amount of such prepayment.

Lenders charge these fees in order to dissuade borrowers from paying off or refinancing their mortgages, which would cause the lender to lose out on interest income. Federal law prohibits prepayment penalties for many types of home loans, including FHA and USDA loans, as well as student loans.

Yes, you can try negotiating it down, but the best way to avoid the fee altogether is to switch to a different loan or a different lender. Since not all lenders charge the same prepayment penalty, make sure to get quotes from different lenders to find the best loan for you.

Fortunately, prepayment penalties are less common than they were years ago. The Dodd-Frank Act prohibits most prepayment penalties for current residential home loans, but they're still allowed for loans that were executed before Jan.

Eleven states generally prohibit prepayment penalties on residential first mortgages. These include Alabama, Alaska, Illinois (if the interest rate is over 8%), Iowa, New Jersey, New Mexico, North Carolina (under $100,000), Pennsylvania (under $50,000), South Carolina (under $100,000), Texas, and Vermont.

VA loans have no prepayment penalties. You can pay off your mortgage early or make additional payments without fear of being penalized financially.

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Virginia Prepayment Agreement

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