Prepayment

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Types of mortgages

Section 10 of 72

Prepayment refers to the borrower’s right to pay off the mortgage loan early, either in part or in full, before the scheduled end of the term. Historically, some loans carried prepayment penalties to discourage this. However, most modern conventional mortgages do not have prepayment penalties, allowing borrowers to make extra payments to reduce their principal or sell the home and pay off the loan without incurring an extra fee.