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What is Prepayment Penalty?
An extra charge for paying a loan off earlier than scheduled.
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Simple Definition
A or foreclosure penalty is a fee lenders may levy when you repay ahead of schedule, subject to product rules and regulations.
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Tap a persona to hear the same idea in a totally different voice.
Try “Like I'm 5™” for a picture-book version - not the grown-up wording above.
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