Washington Prepayment Agreement
Description
How to fill out Prepayment Agreement?
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FAQ
A financial institution may not make or facilitate the origination of a residential mortgage loan that includes a prepayment penalty or fee that extends beyond sixty days prior to the initial reset period of an adjustable rate mortgage.
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.
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.
Key Takeaways. 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.
Though some exemptions apply (for certain federally-backed mortgage loans), prepayment penalties are not allowed at all in the following states: Alaska. Arkansas. Iowa. Maryland. New Mexico. Vermont.