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Prepayment Penalties in Real Estate Loans

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Prepayment Penalties in Real Estate Loans

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What is the prepayment penalty for a 30-year fixed mortgage if paid off within the first 5 years?

5% penalty of the remaining loan balance (correct)

1% penalty of the remaining loan balance

3% penalty of the remaining loan balance

7% penalty of the remaining loan balance

Which type of mortgage has the 5-year stepdown prepayment penalty?

7/6 ARM only

Both 30-year fixed and ARM mortgages (correct)

5/6 ARM only

30-year fixed only

What is the prepayment penalty for investment properties if the amount prepaid exceeds 20% of the original principal balance?

1 month interest on the amount prepaid

6 months interest on the amount prepaid (correct)

No prepayment penalty required

3 months interest on the amount prepaid

Prepayment Penalties in Real Estate Loans

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Questions and Answers

What is the prepayment penalty for a 30-year fixed mortgage if paid off within the first 5 years?

Which type of mortgage has the 5-year stepdown prepayment penalty?

What is the prepayment penalty for investment properties if the amount prepaid exceeds 20% of the original principal balance?

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