Prepayment Penalty Clause Example
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· Verbage to Insert a Prepayment Penalty Clause in a calif. note exrension. The payer (borrower) is excellent and pays promptly, monthly. I wish to extend the loan due date for him but want to reduce his extra principal payments that are about 4 times the actual amount due each month. Anyy assisstance will be appreciated. I am a Caif. real estate broker, retired and old.
Example recommended language: prepayment penalty shall apply if the loan balance is prepaid in whole (100%) or in part (any prepayment of principal over the normal amortization.) In the example above, the borrower can make partial principal prepayments at any time, but the prepayment is subject to penalty. Below is an example of recommended language to be incorporated into the terms and conditions of the borrower’s note.
A prepayment penalty is a fee you’ll have to pay if you pay back your loan ahead of the predetermined schedule. If the terms of your loan include a prepayment penalty clause, then you’ll be penalized if you pay off your debt early. Typically, a prepayment penalty fee is a percentage of your loan’s total remaining balance.
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For example, Fannie Mae’s "Flex 97" mortgage provides 97 percent. Another reason you owed more than you borrowed was probably because there was a prepayment penalty for paying off the mortgage so.
Example no. 2 – "If I make a full prepayment, the Note Holder may charge me for the privilege of prepayment if I prepay the loan in the first 60 months after the date of the loan. The prepayment penalty shall be an amount equal to six months advance interest.
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A prepayment penalty is a clause in a mortgage contract stating that a penalty will be assessed if the mortgage is paid down or paid off within a certain time period. The penalty is based on a percentage of the remaining mortgage balance or a certain number of months’ worth of interest.
A prepayment penalty is a fee you’ll have to pay if you pay back your loan ahead of the predetermined schedule. If the terms of your loan include a prepayment penalty clause, then you’ll be penalized if you pay off your debt early. typically, a prepayment penalty fee is a percentage of your loan’s total remaining balance.