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Forex 101

Rates Update


What is a pre-payment penalty and how do I know I have one on my loan?

A prepayment penalty is an interest charge due from the borrower when the loan is paid off prior to the expiration of a time period defined in the loan contract or note. Pre-payment penalties are becoming more common as lenders offer discounted interest rates to borrowers in exchange for a more certain yield on the loan over the specified time period.


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