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Search: "Prepayment penalty"

 
 

Asked 02/21/2008 01:45 pm CT (arleta, CA)

My Parents have a conv jumbo pay option ARM loan, their payments are $2600-$3000 a month and have an adjustable interest rate which at times has gone up to 8.25%.They have a prepayment penalty which is 6 months advance interest. The loan was for $360,000.00 and it is now $382,000 because they pay the minimum payment.Is there anything that someone can recommend? Thank You

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Alice...Brian is right...another issue is that if they continue to defer interest and home values co...

[ Total Answers: 2 ]

 
 

Asked 10/04/2007 05:20 pm CT (Canyon Lake, CA)

Do you think rates will be better to redo my option ARM jumbo loan to a fixed rate 30 year loan in approx. 10months or 1 1/2 years?? Prepayment over in 10 months, however considering a modification to a 2 yr fixed rate 6.23% ($COST $1,000) ADDING APPROX. ANOTHER YEAR TO PREPAYMENT PENALTY. My goal is to have a 30 yr fixed rate loan at 6% or better.

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Susan, the timing of refinancing now or in the future is more complex than what any of us feel inter...

[ Total Answers: 3 ]

 
 

Asked 04/20/2007 12:12 am CT (Las Vegas, NV)

Hi I bought the house I'm living in about one year ago . At the time when I was looking for a home I couldn't find anything for 300,000 now the house is worth 275,000 which means I'm upside down on my loan. I have an 80/20 sub prime loan with a two year interest only/arm I want to refinance but from what I hear it's gonna be pretty impossible. Do I have any options besides losing my house when the 2 year is up. By the way I have no prepayment penalty. Can you give me any advice greatly appreciate . Adolfo Sanchez

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Hi Adolfo, If you can give me more information I can possibly help you, please e-mail me at rama@...

[ Total Answers: 1 ]

 
 

Asked 04/16/2007 01:10 pm CT (hartford, CT)

What is the max prepayment penalty on a mortgage in the state of CT?

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Asked 03/19/2007 01:18 pm CT (Liberty, MO)

I got a second mortgage a couple years ago and I almost have all of the money to pay it off. The terms of the mortgage included a prepayment penalty of 2% of the REMAINING principle balance in paid off within 3 years. I have been saving up the money to pay this off and just have it sitting in an account. If I pay down the principal using the money already saved and then pay off the loan in a couple months when I have the rest of the money, will I get away with paying a much lower prepayment penalty since the outstanding principle balance will be almost nothing? Here is the exact language of the contract I signed: Consecutive monthly principal and interest installments of $xxx.xx first due on the xx day of xxxxx, xxxx. Such payments to continue until maturity when the remaining principal balance and any unpaid interest thereon shall be due and payable. In the event full prepayment is made within three (3) years of the date of the first monthly payment a prepayment penalty in the amount of two percent (2%) the remaining principal balance will be assessed.

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From what you stated in your question you would have to pay a penalty if you pay it off within 3 yea...

[ Total Answers: 2 ]

 
 

Asked 03/08/2007 05:28 pm CT (sacramento, CA)

If i want to refinance my house and have a prepayment penalty for a year, what is the best option for me to do ,and which lender can pay my closing cost. Are there any lenders who can takeover my loan and i am wiling to pay 10% of the loan amount so that i have equity in the house.

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The best option for you regarding your prepayment penalty would depend on what you are trying to acc...

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Asked 08/28/2006 05:13 pm CT (new haven, MI)

i am going to refinance in a few months and i was wondering if i refinance through the same mortgage company will i have to pay my prepayment penalty?

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There are a few lenders that waive prepayment penalties. For example if your loan is with CitiFinan...

[ Total Answers: 2 ]